Share prices of Infosys rallied up over 2% after the news of a major deal with a pre-existing client believed to be worth $2 billion for more than 5 years.

The transaction involves digital transformation and AI, automation-led development, modernisation, and maintenance services for the client.

In an exchange filing on Monday, the company said, “Infosys has entered into a framework agreement with one of its existing strategic clients to provide AI and automation-led development, modernisation and maintenance services. The total client target over 5 years is estimated at $2 billion,”.

The IT giant Infosys is scheduled to release the results for its Q1FY24 on July 20.

Infosys reported a sequentially weak quarter for Q4FY23. The IT behemoth’s Q4 profit after tax was Rs 6,128 crore, which is down by roughly 16% year over year. Additionally, revenue fell 2.2% QoQ at Rs 37,441 crore. Revenue increase for the company was 3.2% QoQ and 8.8% YoY in constant currency. In Q4, the operating margin was 21%. Additionally, the company announced a final dividend of Rs. 17 per share for FY23.

At 11:00 am, the share was trading at Rs 1,450 apiece, up by 1.92%.