HCLTech share price today, HCLTech share price target: Shares of HCL Technologies, the country's third largest IT company by market value on Wednesday, June 12 rose on the back of expanded partnership news. The IT stock rose 3 per cent to the day's high of Rs 1,472 on NSE in morning deals, extending gains for the second straight session. The counter closed at Rs 1,437, up 0.57 per cent on NSE.

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HCLTech and Olympus Corporation (Olympus), a global MedTech company, have expanded their strategic partnership to enable advanced and affordable healthcare for patients through cutting-edge engineering technologies.

The firm on Wednesday announced a dedicated center in Hyderabad, India to advance Olympus’ global product innovation journey. 

In addition, the Noida-based IT services company on Tuesday said it has expanded its partnership with Germany's largest cooperative primary bank Deutsche Apotheker- und Ärztebank eG (apoBank).

The estimated contract value of the deal is USD 278 million over a duration of 7.5 years, according to a regulatory filing.

"HCLTech will accompany apoBank with an outcome-oriented managed services model that delivers resilient, scalable, high quality and compliant digital foundation services, enabling apoBank to deliver fast and secured banking services to its customers," a company statement said.

ApoBank COO Thomas Runge said HCLTech has extensive Avaloq expertise and deep understanding of apoBank, which makes it an ideal partner.

"We look forward to working with apoBank to help them serve their customers by leveraging our comprehensive portfolio of managed infrastructure and cloud services and our longstanding experience with Avaloq," said Sudip Lahiri, Executive Vice President and Head of Financial Services, Europe, HCLTech.

HCLTech share price target: Should you buy or wait? Here's what Morgan Stanley says

Morgan Stanley has maintained an overweight call on HCL Technologies with a target of Rs 1,650 per share. The global brokerage noted the following key points: 

  • Announces large deal win in financial services vertical
  • The total estimated total contract value for this deal would be $278 million over 7.5 years
  • Deal win shows continuing large deal win momentum in fin services vertical
  • Significant expansion of an existing client relationship
  • Large deals provide comfort in the ability to achieve full-year revenue guidance

HCLTech Q4 Results: How did the IT major fare in the March quarter?

HCLTech reported a consolidated net profit of Rs 3,986 crore for the quarter ended March 31, marking a decline of 8.4 per cent compared with the previous three months and falling short of analysts' expectations. 

The IT firm registered 0.2 per cent sequential growth in revenue to Rs 28,499 crore for the January-March period, according to a regulatory filing. 

Its quarterly revenue inched up 0.4 per cent to $3,430 million in dollar terms, while revenue in constant currency expanded 0.3 per cent. Read more on HCLTech Q4 Results