HCL Tech hits all-time high on pact with HANCOM to expand biz

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HCL Tech gained 2 percent on the NSE, outperforming the Nifty IT that was up 0.7 percent and Nifty50 that was up 0.3 percent.

HCL Tech hits all-time high on pact with HANCOM to expand biz
Shares of HCL Technologies rose over 2 percent to hit a lifetime high of Rs 1,235.45 apiece on Tuesday after the company and HANCOM Inc signed a pact to share advanced software technology solutions and for overseas expansion.
HANCOM Inc is one of the leading South Korean software companies.
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At 12:48 pm, shares of HCL Technologies were trading 2.1 percent higher at Rs 1,233.10.
As part of the partnership, the technology major will expand its business into the South Korean market, while HANCOM will enter Southeast Asian countries such as Taiwan, Vietnam and Bangladesh, Middle Eastern countries.
“South Korea is a key strategic market for HCL, and this engagement with HANCOM will further help us grow and establish ourselves in the region,” said Sanjay Gupta, Corporate Vice President, HCLT echnologies.
The stock was the third biggest gainer on Nifty50.
The upward momentum in the stock is strong which is evident from the fact that it is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
The scrip gained 2 percent on the NSE, outperforming the Nifty IT that was up 0.7 percent and Nifty50 that was up 0.3 percent.