Shares of HCL Technologies leapt in an otherwise weak market after the IT services firm won a $2.1 billion deal with Verizon Communications.

The announcement which was made after market hours on Thursday, led to shares of the firm rising nearly 4.60 per cent during intra day trades to hit a high of Rs 1154.50, thereby coming close to its 52-week high of Rs 1202.70. subsequently, the counter gave up some of the gains to finish at Rs 1171.35 in the BSE, marking a gain of 3.24 per cent or Rs 36.75. At the NSE, the share settled at Rs 1167.55, a rise of 2.93 per cent.

On Wednesday, Verizon announced a strategic global partnership making HCL Technologies its primary Managed Network Services collaborator in all networking deployments for global enterprise customers. The partnership is expected to combine Verizon’s networking power, solutioning, and scale with HCL Technologies managed service capabilities to bring in large-scale wireline service delivery for enterprise customers.

A statement from HCL Technologies had said that Verizon will continue to lead all customer acquisition, sales, solutioning, and overall planning and development with its customers while it will lead post-sale implementation and ongoing support. To execute the balance of responsibilities at enterprise scale, a select group of Verizon’s global customer operations staff will also transition to the domestic company.

The technology firm had said that the improvements will help customers navigate increasingly complex operating environments -- across diverse locations, geographies, and devices – while incorporating new technologies into their stack which includes 5G and SD-WAN capabilities.

HCL Technologies had reported a 7.6 per cent rise in its net profits for the quarter ended June 30, 2023, following new order wins. Consequently, its consolidated net profit rose to Rs 3,534 crore from Rs 3,283 crore, in the year ago period.