HCL Tech enters the list of top 10 most valued companies in India
- HCL Technologies is now the 10th most valued company in India, joining the leagues of Reliance Industries, HDFC Bank and its IT services peer Tata Consultancy Services (TCS).
- Today, the company’s share price hit an all-time high of ₹817.8.
- The rally in HCL Technologies’ stock comes after it announced a guidance of 3.5% revenue for the second quarter and new partnership with Google Cloud.
HCL Tech’s share price has gained 52.23% in the last 365 days and 41.49% since January. The lockdown may have tested its grit, but since then, the stock has recuperated 93.3% of its value.
AdvertisementEntering the top 10 companies club by market value, puts HCL Tech in the league of Mukesh Ambani’s Reliance Industries, HDFC Bank and its own IT services peer — Tata Consultancy Services (TCS), which recently crossed the ₹9 lakh crore mark.
The company’s current market valuation stands at ₹ 219,725.46 crore, just a hair's breadth away from ITC at the 11th position.
What’s driving the HCL Tech rally?
This week’s rally was led by the company announcing its mid-quarter review and issuing a guidance of 3.5% revenue growth in the second quarter earlier this week.
The momentum was only compounded by the HCL Technologies’ new partnership with Google Cloud announced yesterday. It will bring HCL Tech’s Actian portfolio, starting with Actian Avalanche — a hybrid cloud data warehouse — to the Google Cloud servers.
The company already has three dedicated Google Cloud Native Labs in New York, London and New Delhi.
The top 10 most valued companies in India:
|HDFC Bank||₹595,190 crore|
|HDFC||₹ 311,894 crore|
|Bharti Airtel||₹ 260,693 crore|
|Kotak Mahindra Bank||₹ 258,029.32 crore|
|ICICI Bank||₹ 254,048 crore|
|HCL Tech||₹ 219,725 crore|
EXCLUSIVE: Muthoot Finance says this year's growth is likely to exceed guidance
India will take necessary steps against China — 'We will not back down,' asserts Rajnath Singh
India’s $50 billion wedding industry is gearing up for a busy winter — business may have shrunk in size but it has not lost its sheen