Shares of HCL Technologies Ltd. surged as much as 5% in early trade on Friday after the IT services major announced a $1.14 billion strategic deal with a Europe-headquartered Fortune Global 50 company. The stock touched an intraday high of Rs 1,139, its strongest level of the session, before trimming some gains.
In an exchange filing, HCLTech said it has been selected to help the client build an AI-driven operating model for its global digital workplace and enterprise network. The contract will run from July 2026 through December 2031, with an option to extend it for another five years.
The company said the deal is valued at $1.14 billion over the initial term and represents entirely new business, making it one of HCLTech's largest contract wins in recent years.
The announcement comes shortly after HCLTech disclosed a Rs 1,427 crore (around $150 million) investment in AI startup Sarvam AI, through which it will acquire a 10.46% stake, underscoring the company's growing focus on artificial intelligence.
For FY27, HCLTech has guided for 1% to 4% revenue growth. The company has said its outlook incorporates a 50-basis-point impact from client-specific issues and a 2%-3% impact from AI-led pricing deflation, even as it continues to pursue large AI-led transformation opportunities.
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