HCL Technologies, a leading global engineering and IT services company today announced that it is one of only two providers to be named a Leader among Product Development Services (PDS) vendors by the leading analyst firm Forrester Research, Inc. in its report, ''The Forrester Wave: Software Product Development Services, Q1 2014''.

HCL has also received the highest score in strategy and market presence (tied) among all the 11 service providers evaluated for this report.

HCL was mapped on the Forrester's Wave chart based on its current offering, strategy and market presence. Forrester observes that ''HCL Engineering and R&D Services division has formulated a clear and articulate vision of the software PDS 2.0 market. This vision is reflected in HCL’s investments in its ''service line unit'' (SLU) initiative. The initiative stands out from the crowd of provider investments not just because of its customer focus, but also because of the sophistication of the process that HCL used to develop it. HCL actively investigated the white spaces between key client concerns and focus areas and now offers a range of SLUs to customers. Meanwhile, HCL’s strong industry and domain expertise is reflected by the fact that 33% of its software PDS employees have more than 10 years of industry expertise.''

Sandeep Kishore, corporate vice president, Engineering and R&D Services, HCL said, ''HCL is the only Indian service provider to be named a leader among PDS vendors in the report. We believe that this recognition validates the significant investments we’ve made over the past three years to create market leading engineering services, and affirms the value of our customer-focused approach. It is the combination of these elements and our deep engineering heritage that continues to set us apart from our competition.''

Shares of the company declined Rs 15.3, or 1.11%, to trade at Rs 1,364.80. The total volume of shares traded was 28,636 at the BSE (1 p.m., Thursday).