HCL Tech Share Price Surges on Global Partnership with Verizon

11 Aug 2023 , 02:08 PM

HCL Technologies’ share price surged by nearly 5% on BSE, driven by a global strategic partnership with Verizon. HCL Tech announced a strategic partnership with Verizon Business for managed network services (MNS) after market hours on Thursday.

The collaboration designates HCL Tech as Verizon Business’s primary collaborator for global MNS deployments for enterprise customers. Verizon Business will lead sales and customer acquisition, while HCL Tech will manage post-sale implementation and ongoing support.

HCL Tech emphasized the partnership’s benefits, including an enriched MNS portfolio, digitized experiences, data-driven service models, and more. CEO C Vijayakumar stated the collaboration’s importance for modernizing and operating network deployments for private enterprises.

HCL Tech’s Q1FY24 results slightly missed Street estimates, with a 7.6% YoY growth in consolidated net profit. Despite this, the company maintained its FY24 guidance of 6-8% constant currency revenue growth and an 18-19% operating margin.

HCL Tech shares gained 21% in the past year, outperforming the Sensex’s 10% gain during the same period.

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