HCL Technologies share price hit new 52-week high on BSE after the company signs strategic partnership with South Korean company HANCOM for tech solutions.
HCL Technologies and HANCOM Inc. have signed a strategic partnership to share advanced software technology solutions and establish a mutual bridgehead for overseas expansion. HCL will support training for software development at HANCOM’s R&D center in India. HCL will also share its development studio and provide HR support to meet demand and development capacity at the R&D center, the company said in an exchange filing.
"In addition, it will promote technological cooperation to strengthen HANCOM products’ global competitiveness. The two companies also plan to cooperate on global market expansion. This includes HANCOM’s entry into Southeast Asian countries such as Taiwan, Vietnam and Bangladesh, Middle Eastern countries, and HCL’s business expansion into the South Korean market," the firm added.
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“South Korea is a key strategic market for HCL, and this engagement with HANCOM will further help us grow and establish ourselves in the region,” said Sanjay Gupta, Corporate Vice President, HCL Technologies. “We thank HANCOM for their trust in us for this collaboration, and we look forward to leveraging HCL’s next-gen technological skills and HANCOM’s strong presence in the region to mutually support each other.
The stock was trading at Rs 21.45, or 1.78 percent. It has touched a 52-week high of Rs 1,233.15. It has touched an intraday high of Rs 1,233.15 and an intraday low of Rs 1,207.60.
“Prices went through descent price and time-wise correction since January 12, 2021, and recently it has broken out from the long-term consolidation formation on August 5,” said Jignesh Pandya, senior research analyst at Monarch Networth Capital.
“Momentum oscillator relative strength index (RSI) is continuously sustaining above 70 level, indicating a positive build-up in momentum, which will transform into a positive price action for the stock,” he said.
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