HCL Tech shares jump 3% after firm becomes Western Union's 'largest preferred partner'

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26 Aug, 2025 12:21

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The shares of HCL Tech surged over 3 percent on March 25 after the company announced that it has formed a strategic partnership with Western Union, and will set up a new India-based technology center in Hyderabad. The stock was trading at Rs 1,656 per share.

In an exchange filing released in the post market hours of March 24, the IT company announced that the partnership makes HCL Tech the 'largest preferred partner' of the New York Stock Exchange-listed Western Union. The advanced technology center which will be set up jointly by the two companies in Hyderabad will "enhance Western Union's global technology capabilities and create new opportunities for innovation and talent development", the press release said.

Western Union will also use HCL Tech’s AI-powered solutions FenixAI and AI Force to speed up its transition into a platform-centric operating model. The American financial services corporation will further utilize HCLTech's digital, cloud and AI solutions to improve its platform and channel capabilities.

Speaking about the partnership, Western Union President and Chief Executive Officer Devin McGranahan said, "Our collaboration with HCLTech is a testament to our shared vision of delivering exceptional value to our customers. HCLTech's expertise will help us fulfill our mission to make world-class financial services accessible to people everywhere."

HCL Tech CEO and Managing Director C Vijayakumar meanwhile said, "This strategic partnership emphasizes our focus on empowering fintech companies through digital engineering led transformation and creating exceptional value for their stakeholders. We remain deeply committed to Western Union’s growth journey through innovative solutions that deliver real business outcomes."

Notably, HCL Tech shares are currently trading at a one-month high level. The rise in the share price comes amid an overall uptrend in the market, with IT stocks significantly rallying after US President Donald Trump softened his stance on tariffs buoyed sentiment.