HCL Technologies hits new high; stock surges 16% in one month

HCL Tech's exposure to deeply troubled verticals - Energy, Transportation, Travel, Hospitality, and Retail - remains lower relative to its peers, which bodes well for the company's growth outlook

Shares of HCL Technologies hit a new high of Rs 1,193.15, up 3 per cent on the BSE in the intra-day trade on Tuesday, after the company announced investment of $1.25 million in Series A preferred shares of Austin GIS Inc., a Delaware-based entity.

Austin GIS, Inc., a newly formed entity, is raising funds via Series A preferred shares investment from shareholder investors. This is to tap growth opportunity in Internet of Things (IoT) and 5G RAN industries, which complements HCL's services as an IT service provider.

The company said it will make $1.25-million cash investment through HCL