HCL Tech moves higher on pact with two automotive solution providers

HCL Technologies rose 1.46% to Rs 754.40 at 11:44 IST on BSE after the company said that it has entered into strategic partnership with two leading automotive solution providers to expand its offerings for the fast-growing smart vehicle ecosystem.

The announcement was made after market hours yesterday, 8 June 2016.

Meanwhile, the S&P BSE Sensex was down 179.76 points or 0.67% at 26,840.90.

On BSE, so far 72,000 shares were traded in the counter as against average daily volume of 3.35 lakh shares in the past one quarter. The stock hit a high of Rs 754.80 and a low of Rs 744.05 so far during the day. The stock had hit a 52-week high of Rs 1,004.95 on 31 July 2015. The stock had hit a 52-week low of Rs 706.50 on 11 May 2016. The stock had underperformed the market over the past one month till 8 June 2016, gaining 2.62% compared with Sensex's 7.1% rise. The scrip had also underperformed the market in past one quarter, sliding 9.13% as against Sensex's 9.58% rise.

The large-cap company has equity capital of Rs 282.11 crore. Face value per share is Rs 2.

Working to enhance HCL's existing Smart Mobility and Vehicle Engineering Services, alliances with Movimento and Rightware will bring invaluable services to HCL's clients, the company said in a statement.

Movimento is a leading provider of over-the-air (OTA) update solutions for automotive solution providers. The partnership between Movimento and HCL will offer automotive lifecycle management, updates and support for on-and off-board software, the company said. The company's partnership with Rightware, a leader in advanced user interface (UI) technology for automotive applications, will enable HCL to help automotive solution providers and Tier-1 manufacturers with all aspects of advanced UI creation, including design, development, systems integration, deployment and support, HCL Technologies said in a statement.

On consolidated basis, HCL Technologies' net profit rose 4.01% to Rs 1997.04 crore on 0.01% growth in net sales to Rs 10342.80 crore in Q3 March 2016 over Q2 December 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.

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