HCL Tech gains after 5-year deal with Nokia

Don't want to miss the best from Business Standard?

HCL Technologies rose 1.21% to Rs 914.90 at 09:45 IST on BSE after the company announced that it has signed a five-year global IT Infrastructure and application services deal with Nokia.

The announcement was made after market hours yesterday, 21 June 2018.

Meanwhile, the S&P BSE Sensex was down 79.76 points, or 0.23% to 35,352.63.

On the BSE, 28,000 shares were traded in the counter so far compared with average daily volumes of 59,000 shares in the past two weeks. The stock had hit a high of Rs 922.55 and a low of Rs 905.55 so far during the day. The stock hit a record high of Rs 1,106.60 on 23 April 2018. The stock hit a 52-week low of Rs 825.10 on 4 December 2017.

HCL Technologies announced that it has been selected by Nokia, as part of an important effort of streamlining Nokia's outsourced IT management services. Nokia will partner with HCL for transforming and modernizing its IT infrastructure & applications landscape. HCL will transition services from four incumbent vendors to establish an integrated IT services delivery & design framework and will implement a transformation roadmap. The deal is intended to help Nokia drive operational efficiencies in line with previously announced targets.

HCL, with this deal, will build upon a strong existing engineering-centric partnership to encompass IT services. HCL will leverage its industry-leading next-gen technology services portfolio to provide Nokia with services around key transformational areas; such as cloud orchestration, digital platforms, big data analytics, cybersecurity, autonomics and modern collaborative workplaces. These leading edge solutions enabled by HCL will help Nokia meet the growing needs of a rapidly changing customer base, by providing higher levels of customer experience through digitalization, automation and the modernization of key IT systems & processes.

On a consolidated basis, HCL Technologies' net profit rose 7.47% to Rs 2230 crore on 2.88% increase in net sales to Rs 13178 crore in Q4 March 2018 over Q3 December 2017.

HCL Technologies (HCL) is a leading global technology company. HCL focuses on providing an integrated portfolio of products, solutions and services

Powered by Capital Market - Live News