HCL Technologies Ltd shares hit a new high of Rs 1,193.15, up 3 per cent on the BSE in the intra-day trade on Tuesday, after the company announced an investment of $1.25 million in Series A preferred shares Austin GIS Inc., a Delaware-based entity.

Austin GIS, Inc., a newly formed entity, raises funds via Series A preferred shares investment from shareholder investors. This is to tap growth opportunities in the Internet of Things (IoT), and 5G RAN industries, which complements HCL’s services as an IT service provider.

The company said it would make a $1.25-million cash investment through HCL Bermuda Limited, a wholly-owned subsidiary of HCL Technologies.

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In the past month, the stock of HCL Tech has outperformed the market by surging 16 per cent, compared to an 8.5 per cent rise in the S&P BSE Sensex.

Last week, HCL Tech said it had signed a contract with Munich Re, one of the world’s leading reinsurers, to create a next-generation digital workplace for its workforce. “Building on the successes of its strategic digital transformation partnership with Munich Re, HCL will now modernize and standardize workplace services for more than 16,000 employees in 40 countries,” HCL Technologies had said in a release.

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