Daijiworld Media Network – Mumbai

Mumbai, Jul 3: Shares of HCL Technologies (HCLTech) surged more than four per cent in early trade on Friday after the IT services company announced that it had secured a $1.14 billion (around Rs 9,500 crore) contract from a Europe-headquartered Fortune Global 50 company.

The stock climbed as much as 4.36 per cent to Rs 1,125.10 on the NSE following the announcement, as investors welcomed one of the company's largest new business wins.

In a regulatory filing, HCLTech said it will establish an artificial intelligence (AI)-driven operating model for the client, modernising its digital workplace services and enterprise network operations. The company did not disclose the identity of the customer.

The agreement has an initial tenure of five-and-a-half years, from July 2026 to December 2031, with an option to extend the partnership for another five years.

"The estimated value of the agreement during the initial term is $1.14 billion. This is entirely a net new business for the company," HCLTech said in the filing.

The deal is expected to strengthen HCLTech's large-deal pipeline and highlights the increasing demand for AI-powered digital transformation services among global enterprises, particularly in Europe.

The broader IT sector also traded in positive territory, with the Nifty IT index rising 1.7 per cent to 27,420 in morning trade.

Among other IT stocks, Tata Consultancy Services (TCS) gained nearly one per cent, Infosys advanced 0.5 per cent, Wipro rose 1.7 per cent, Oracle Financial Services Software added 1.9 per cent, while Persistent Systems surged around three per cent.