HCL Tech gains after winning contract from Deutsche Bank

HCL Technologies gained 2.16% to Rs 856.70 at 15:15 IST on BSE after the company announced that it has signed an Application Development and Maintenance contract with Deutsche Bank.

The company made announcement during market hours today, 17 November 2015.

Meanwhile, the S&P BSE Sensex was up 112.35 points or 0.44% at 25,872.28.

On BSE, so far 38,787 shares were traded in the counter as against average daily volume of 1.67 lakh shares in the past two weeks.

The stock hit high of Rs 859.50 and low of Rs 837 so far during the day. The stock had hit a record high of Rs 1,058.20 on 11 March 2015. The stock had hit a 52-week low of Rs 725.18 on 15 December 2014.

The stock had outperformed the market over the past one month till 16 November 2015, falling 0.33% compared with Sensex's 5.34% fall. The scrip had, however, underperformed the market in past one quarter, dropping 13.76% as against Sensex's 8.22% drop.

The large-cap company has an equity capital of Rs 281.26 crore. Face value per share is Rs 2.

Under the terms of agreement, HCL will provide digital solutions, systems integration, product implementation and design, build and test new applications in addition to the ongoing application maintenance and support services.

HCL will manage and enhance some of the existing application suites, including corporate banking and securities, global transaction banking, asset and wealth management, and risk, finance and back-office operations across Deutsche Bank group. The program is part of a broader strategic initiative by Deutsche Bank. HCL is an innovation partner for the company's digital strategy which aims to enhance customer experience by bringing innovation to its products, services and operations.

HCL Technologies' consolidated net profit fell 3.2% to Rs 1726 crore on 3.3% rise in revenue to Rs 10097 crore in Q1 September 2015 over Q4 June 2015.

HCL Technologies is a leading global IT services company working with clients in the areas that impact and redefine the core of their businesses.

Powered by Capital Market - Live News