HCL Tech gains on joining NVIDIA Partner Network for AI opportunities

HCL Technologies rose 1.5% to Rs 732.55 after the company said it joined US-based NVIDIA's partner network to pursue opportunities in Artificial Intelligence (AI) space.

HCL Technologies (HCL), a leading global technology company, today announced it has joined NVIDIA Partner Network (NPN), the US-based technology company's partner program, with plans to pursue expanded opportunities in the Artificial Intelligence (AI) space. HCL also announced the launch of NEXT.ai, HCL's AI Lab, focused on upskilling engineers and architects utilizing AI solutions across hardware and software technology stacks. This will enhance their capabilities to build AI-led solutions for multiple HCL clients across industry verticals.

The HCL NEXT.ai lab focuses on emerging technologies to develop industry-specific AI solutions for customers pursuing digital transformation. Customers and partners can co-create proofs of concept and full-fledged, scalable and production-ready solutions in the lab. NEXT.ai comes equipped with the latest technology products and infrastructure from its partner ecosystem. The areas of focus include computer vision, predictive modeling, failure analysis, optimization, product intelligence, data engineering, data management, and more.

HCL's NEXT.ai lab serves as a learning center for next-generation technologies and as an incubation zone for transformational business solutions, said GH Rao, President -Engineering and R&D Services, HCL Technologies. "Collaborating with NVIDIA will enable us to engineer high-performance and scalable solutions that deliver real business benefits to our customers.

HCL Technologies is up 95% from its 52-week low of Rs 375.50 hit on 19 March 2020. The stock is near its 52-week high of Rs 738.80.

The company's consolidated net profit rose 31.7% to Rs 2,925 crore on 8.6% increase in revenue to Rs 17,841 crore in Q1 June 2020 over Q1 June 2019. Operating margin (EBIT) fell 5.7% to Rs 3660 crore in Q1 June 2020 over Q4 March 2020. EBIT margin stood at 20.5% in Q1 June 2020, lower than 20.9% in Q4 March 2020 and higher than 17.1% in Q1 June 2019.

HCL Technologies offers its services and products through three business units - IT and Business Services (ITBS), Engineering and R&D Services (ERS) and Products & Platforms (P&P).

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