HCL Tech boosts shares with a cloud services deal with Siemens.
The PartnershipHCL Tech partners with German tech giant Siemens AG for a long-term managed public cloud services agreement.
Digital TransformationSiemens aims for a digital transformation of its global IT infrastructure through this collaboration.
Cloud AutomationHCL Tech will automate Siemens' public cloud environment while ensuring security compliance.
Infrastructure MigrationThe IT company will migrate and manage Siemens' infrastructure on Amazon Web Services and Azure.
Optimized Cloud ResourcesThe deal guarantees optimized, secure, and scalable cloud resources for Siemens.
Strategic MarketHCL Tech views Germany as a strategic market, as stated by Ashish K Gupta, Chief Growth Officer.
CloudSMART PlatformHCLTech's CloudSMART platform plays a central role in delivering a consistent digital experience to Siemens AG's internal stakeholders.
Analyst's ForecastNomura's favorable forecast for the Indian IT sector, including HCL Tech, led to an upgraded target price.
Target Price UpgradeHCL Tech's target price raised to ₹1,220 from ₹1,090 by Nomura, maintaining a "neutral" rating.
Share Price RiseHCL Tech's share price increases by 1.3% to ₹1,251.80 around noon on Thursday.
In an exciting development, HCL Tech has entered into a significant partnership with Siemens AG, a global tech giant, to provide long-term managed public cloud services. This collaboration is aimed at transforming Siemens' global IT infrastructure by embracing cloud-based solutions and automation while maintaining the highest security standards.
HCL Tech's role in this partnership is to automate Siemens' public cloud environment while ensuring strict adherence to Siemens' security norms. The IT company will take on the responsibility of migrating and managing Siemens' infrastructure on two major cloud platforms, Amazon Web Services and Azure. This move guarantees Siemens an environment of optimized, secure, and scalable cloud resources.
Ashish K Gupta, Chief Growth Officer of Europe and Africa at HCL Tech, expressed the strategic significance of this collaboration by stating that "Germany is a strategic market for HCLTech, and our engagement with Siemens is testament to our continued growth in the region."
HCLTech's CloudSMART, an integrated consultancy and delivery platform known for its top-notch cloud offerings and capabilities, will play a central role in providing Siemens AG's internal stakeholders with a consistent and cutting-edge digital experience.
Prior to this game-changing deal, Nomura had already given a favorable forecast for the Indian IT sector, including prominent firms like Infosys, Wipro, TCS, and HCL Tech. It anticipates growth in this sector to pick up significantly in the fiscal year ending in 2025. As a result of this optimistic outlook, Nomura has raised the target price for HCL Tech to ₹1,220 from ₹1,090 while maintaining a "neutral" rating.
The market has responded positively to this news, with HCL Tech's share price experiencing a 1.3% increase, reaching ₹1,251.80 around noon on Thursday. This collaboration between HCL Tech and Siemens AG is poised to have a significant impact on both companies and the IT sector as a whole.