HCL Tech gains 1% on signing deal with Xerox Corporation

The transaction revenue over the course of seven years will be $1.3bn.

Mar 19, 2019 07:03 IST India Infoline News Service

Shares of HCL Tech gained 1% on Tuesday after the company signed shared services arrangement with Xerox Corporation.

Xerox will outsource certain global administrative and support functions, including, among others, selected information technology and finance functions (excluding accounting), the company said in a press note after markets hours to the exchanges on Monday.

The transaction revenue over the course of seven years will be $1.3bn, the company added.

The company is expected to make certain up-front and ongoing investments in software, tools, and other technology to consolidate, optimize, and automate the transferred functions with the goal of providing improved service levels and significant cost savings to Xerox.

HCL Technologies Ltd's share price is currently at Rs1,025.95, up by Rs13.4 or 1.32%, from its previous close of Rs1,012.55 on the BSE.

The scrip opened at Rs1,022 and has touched a high and low of Rs1,026 and Rs1,013.60, respectively. So far, 8,40,550 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs1,37,328.42cr.

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