
News Topical, Digital Desk : IT sector company HCL Technologies Limited said on Tuesday that it has partnered with UK company Thought Machine. Its aim is to accelerate the modernization of banks around the world.
The company said in the information given to the stock exchange, "The goal of this partnership is to get rid of the old systems and transform banks into smart and automated financial institutions operated with artificial intelligence (AI) and cloud technology."
What is Thought Machine's technology
UK company Thought Machina's Vault Core, which is a core banking and payment technology engine established in 2015. It will help banks automate key functions, increase efficiency and give personalized experience to customers.
Advice to buy HCL Tech During the June quarter of the financial year 2026, HCL Technologies reported a profit of Rs 3,843 crore and revenue of Rs 30,349 crore. On the 12th of this month, global brokerage firm Jefferies issued a note on HCL Tech and set a target price of Rs 1,850 per share with a BUY advice. The brokerage firm said that the management saw stability in demand and is confident of 3-5% growth for the financial year 2026. The company is witnessing a transformation from AI-related business. He also said that productivity gains from AI are expected to reduce high wallet share. The company has accelerated AI and sales GTM initiatives. Margins are expected to be impacted for the financial year 2026. It is expected to normalize in the financial year 2027. The company's shares closed 0.8% lower at Rs 1,492.80 on the National Stock Exchange.
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