HCL Tech shares hit fresh 52-week high after 5-year deal with MKS Instruments; stocks up 13% in month

Surging most in the trade since the market open, the information and technology (IT) heavyweight HCL Technologies shares hit a new record high of Rs 1,315.10 after rallying for over 3 per cent on the BSE intraday trade on Tuesday. This comes after the firm announced a five-year deal with US-based MKS Instruments.

According to the company’s filing to the exchanges on Monday, “HCL Technologies announced a five-year, digital transformation deal with MKS Instruments Inc., a global provider of instruments, systems, subsystems and solutions for advanced manufacturing processes, to improve performance, productivity and speed to market.”

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HCL will drive digital and cloud-enabled transformation for MKS Instruments through AI/ML-led automation, enhanced user experience with end-to-end Infrastructure services, digital workplace services, and IT transformation, the IT major said in a filing after market on Monday (Sept 20, 2021).

The stock in the last one month has surged over 13 per cent, as compared to a 6 per cent rise in the S&P BSE Sensex. At around 11:49 am, the counter is trading over 1 per cent higher to Rs 1289.9 per share as against a 0.1 per cent fall in the S&P BSE Sensex at the same time on Monday.

A combined 3.33 million equity shares have changed hands on the counter on the NSE and BSE so far.

Meanwhile, the IT heavyweight’s board is scheduled to meet on 14 October 2021, to consider unaudited financial results of the company for the quarter and half year ending September 30, 2021. 

Similarly, the board will also consider the payment of a third interim dividend for the financial year 2021-22. The record date for determining the entitlement of the shareholders for the payment of aforesaid interim dividend shall be October 23, 2021, the company said.

HCL Tech 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).