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    HCLTECH   INE860A01027

HCL TECHNOLOGIES LIMITED

(HCLTECH)
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India's HCL Tech says to hire 12,000 in U.S. over 5 years

12/07/2021 | 09:59am EST

(This December 6 story corrects typographical error in executive's name in seventh paragraph)

By Sankalp Phartiyal

NEW DELHI (Reuters) - Indian software services exporter HCL Technologies said on Monday it will create 12,000 new jobs in the United States through the next five years as part of a plan to shore up business and enhance client support in a key growth market.

Nearly 2,000 of the new jobs will go to college graduates over the next three years, HCL said, adding that the company will focus its U.S. recruitment drive on seven states including North Carolina, Texas and Connecticut.

Hiring will be done across roles including in IT consulting, cloud, data analytics and digital engineering.

"It's essentially becoming a global delivery centre network and in that scheme of things (being) in the local geography, customer proximity from the point of view of time zone becomes an important aspect of how we plan our delivery," Ramachandran Sundararajan, Executive Vice President of Human Resources at HCL America Inc, told Reuters ahead of the announcement.

India's $190 billion IT services industry, led by Tata Consultancy Services and Infosys, has long used H1-B skilled worker visas to fly computer engineers to the United States, its largest overseas market, temporarily to service clients.

But most companies began recruiting more heavily in the United States and some sped up acquisitions due to former U.S. president Donald Trump's protectionist technology visa policies.

HCL has not made any "strategic shift" in terms of its H1-B dependence, Sundararajan said, adding that the company's H1-B visa applications were among the lowest for India-based companies.

HCL last month said it opened a delivery centre in Hartford, Connecticut to service industrial tools maker Stanley Black & Decker.

The Indian company said at the time it planned to use this centre for clients in other industries including in aerospace and defence, insurance, life sciences and health care.

HCL employs more than 187,000 people globally.

(Reporting by Sankalp Phartiyal; Editing by Emelia Sithole-Matarise)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HCL TECHNOLOGIES LIMITED -0.63% 1167.95 Delayed Quote.-11.46%
INFOSYS LIMITED -2.08% 1785.7 Delayed Quote.-5.41%
TATA CONSULTANCY SERVICES LTD. 0.18% 3833.5 Delayed Quote.2.55%
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Analyst Recommendations on HCL TECHNOLOGIES LIMITED
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Financials
Sales 2022 854 B 11 479 M 11 479 M
Net income 2022 133 B 1 786 M 1 786 M
Net cash 2022 148 B 1 994 M 1 994 M
P/E ratio 2022 23,9x
Yield 2022 3,01%
Capitalization 3 163 B 42 559 M 42 520 M
EV / Sales 2022 3,53x
EV / Sales 2023 3,05x
Nbr of Employees 168 977
Free-Float -
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Technical analysis trends HCL TECHNOLOGIES LIMITED
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Mean consensus BUY
Number of Analysts 41
Last Close Price 1 167,95 INR
Average target price 1 460,26 INR
Spread / Average Target 25,0%
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Managers and Directors
C. Vijayakumar President, Chief Executive Officer & MD
Prateek Solek Aggarwal Chief Financial Officer
Roshni Nadar Malhotra Chairman
Hanumantha Rao Gade President-Engineering, R&D Services
Kalyan B. Kumar Chief Technology Officer & Corporate VP
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