Shares of HCL opened up green on 11 August and made the best intraday gains in the last 14 months after the company announced a deal with Verizon Business.

On 10 August, the company announced a $2.1 billion deal with the US telecom major Verizon Business. Through this strategic global partnership, HCL Technologies will become the primary managed network service collaborator for Verizon Business in all network deployments for global enterprise customers.

HCL Technologies expects this deal to positively impact its revenue over the next six years, beginning in November 2023.

The deal will boost the third-largest IT service firm after it reported a slow April-June quarter performance.

According to the deal, HCL Tech will lead the post-sale implementation and ongoing support. In contrast, Verizon Will take charge of customer acquisition, sales, and overall planning and development with its customers.

Kyle Malady, CEO of Verizon Business, said, “HCLTech is a widely recognized industry leader for Managed Network Services, and with their IT service expertise and ongoing support of our enterprise networking deployments, Verizon Business can modernize our service delivery and simultaneously heighten our focus on helping customers incorporate next-generation technology like 5G, SD-WAN and SASE into their operations and their own customer offerings.”

Vijayakumar said, “Our data-driven service delivery, advanced network capabilities and frictionless customer interfaces combined with the unique strengths and resiliency of the Verizon network will enable enterprises to drive better business outcomes and time to market.”

At 2:50 pm, the shares of HCL Technologies were trading at Rs 1,175.60 or 3.56% above its previous close of Rs 1,134.30 on NSE.