HCL Technologies shares gained more than 2 percent intraday Tuesday after expansion of strategic relationship with Barclays.
In addition to HCL being named as Barclays' preferred partner for IT infrastructure services, the two companies will commit to building the partnership globally, with particular opportunities regarding digital workplace services, the country's third largest IT services company said in its filing.
HCL will leverage its significant investments in AI and automation, including its award-winning automation platform DryICETM, to transform the user experience for more than 80,000 Barclays employees across 26 countries.
The company said the contract between HCL and Barclays is yet to be executed pending banking regulatory notification; both companies hope to conclude the deal during the first quarter of 2019.
"This new agreement will see HCL deliver transformational services to both Barclays and other major clients from Lithuania. We will leverage these with our unique Mode 1-2-3 strategy to enable clients to reimagine their businesses for the digital age," Rahul Singh, President of Financial Services said.
At 13:52 hours IST, the stock was quoting at Rs 1,040.50, up Rs 21.85, or 2.14 percent on the BSE.
