HCL Tech share price rises almost 5% as the IT firm enters global strategic partnership with Verizon
₹1,170 against the previous close of ₹1,134.60 and soon rose 4.6 per cent to the level of ₹1,186.70. The stock traded 3.11 per cent higher at ₹1,169.90 around 11:20 am.
HCL Tech post-market hours on Thursday said Verizon Business formed a global strategic partnership with it for managed network services. The announcement seems to have given a sentimental boost to the stock.
"HCL Tech will be Verizon Business's primary collaborator in all deployments involving MNS globally for enterprise customers," HCL Tech said, adding that "Verizon Business will lead sales, solutions, and customer acquisitions, and HCL Tech will lead post-sale implementations and ongoing support". HCL Tech pointed out that the partnership will offer customers a "best-in-class MNS portfolio, a highly digitized experience with data-driven service models, enhanced efficiency and lifecycle management with a frictionless interface, a broad end-to-end partner ecosystem, and joint innovation on an integrated platform." “Managed Network Services is core to our business, and we’re proud to collaborate with Verizon Business to lead MNS in all of their network deployments, modernization and operations for private enterprise," said C Vijayakumar, CEO and Managing Director, HCLTech.
“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," said Vijayakumar. The June quarter results of HCL Tech missed Street estimates.
It reported a 7.6 per cent year-on-year growth in consolidated net profit in the first quarter of fiscal 2023-24. The IT major's profit after tax declined by
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