HCL Tech hits record high on launch of cybersecurity fusion center in US

HCLTECH

Shares of software firm HCL Technologies rallied 3 percent intraday to hit a record high of Rs 1,168 on April 26 after the company expanded its US operations.

The stock rallied 12 percent in last one month. It was quoting at Rs 1,139.75, up Rs 8.60, or 0.76 percent on the BSE, at 14:14 hours IST.

The global technology company, on April 25, announced the launch of its CyberSecurity Fusion Center (CSFC) in Frisco, Texas.

“The opening of the CSFC represents the next phase in the company’s mission to support secure business growth by providing customers with a single point of contact for the enterprise security lifecycle, from detection to remediation,” the company said.

Moreover, favourable rupee also led rally not only in HCL Tech but also in its peers TCS (up 2 percent), Infosys (1.4 percent) and Tech Mahindra (0.72 percent). The Nifty IT index gained 1 percent.

The rupee weakened to 70 against US dollar this week and fell around 100 paise in current month. Any fall is always good for technology companies which get maximum revenue in dollar terms.
Meanwhile, HCL Technologies is scheduled to announce its audited financial results for the financial year ended March 31, 2019 on May 9.

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