HCL Technologies' shares jumped over 4 percent on Friday, positioning it as the top performer on the Nifty 50, following the IT services firm's announcement of a $1.14 billion strategic agreement with a Fortune Global 50 company based in Europe.
The agreement involves creating and overseeing an artificial intelligence (AI)-powered operating framework for its digital workspace and enterprise network services.
HCL Technologies' shares increased by up to 4.5 percent, reaching Rs 1,126.50 in early trading.
Although Friday's surge occurred, the stock is still down approximately 31.3 percent in 2026, trailing the Nifty 50, which has fallen roughly 7 percent during that time. The firm has a market capitalization of approximately Rs 3.05 lakh crore.
In a filing with the exchange, HCLTech announced that it has entered into a major strategic partnership with a Fortune Global 50 company based in Europe to create an AI-powered operational model intended for transforming and overseeing the client's global digital workplace and enterprise networks.
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The agreement's initial term begins in July 2026 and ends in December 2031, with a possibility to extend for an additional five years. HCLTech announced that the projected value of the contract within the initial period is approximately $1.14 billion, characterizing it as a completely new business achievement for the firm.
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The announcement arrives as investors keep a close watch on significant contract victories within the IT services industry for indications of enhanced technology expenditure, especially in AI-driven transformation initiatives, which have become a crucial growth factor for leading Indian software exporters.
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The wider market also moved up. At approximately 9:18 am, the Sensex increased by 411.02 points, or 0.53 percent, reaching 77,913.14, while the Nifty 50 rose by 135.10 points, or 0.56 percent, to 24,310.80. The Nifty IT index surpassed other sector indices, increasing by approximately 1.9 percent, while India VIX decreased by 1.6 percent, signaling a reduction in market volatility.