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Last Updated : Nov 13, 2019 11:58 AM IST | Source: Moneycontrol.com

TCS expands partnership with Phoenix Group; share price up 4%

The company said the expanded partnership will result in the digital transformation of Standard Life's pensions and savings operations.

 
 
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Shares of Tata Consultancy Services (TCS) jumped almost 4 percent intraday on November 13, a day after the company announced an expansion of its long-term partnership with Phoenix Group.

".....expansion of long-term partnership with Phoenix Group, Europe's largest life and pensions consolidator, will drive the growth and transformation of the Standard Life business and meet the future needs of its customers, workplace clients and their advisers," TCS said in a BSE filing.

The company said the expanded partnership will result in the digital transformation of Standard Life's pensions and savings operations onto the TCS BFSI Digital Platform, powered by TCS BaNCS.

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Moreover, this will expand the overall scope by a further 4.2 million policies, taking the total number of policies managed by Diligenta, TCS' regulated subsidiary in the UK, on behalf of Phoenix Group, to nearly L0 million, said TCS.

Meanwhile, media reports suggested that the government will consider on November 15 the proposals of TCS and Infosys to set up special economic zones (SEZ) in the IT sector.

The proposals will be taken up by the Board of Approval, the highest decision-making body for SEZ, in its meeting on November 15. The inter-ministerial body is chaired by the Commerce Secretary, PTI reported.

According to the agenda paper, Tata Consultancy Services Ltd has sought formal approval from the government to set up the IT/ITeS zone in Tamil Nadu.

"TCS has proposed to invest Rs 900 crore in this zone and provide employment to about 12,000 persons," it said.

Shares of TCS traded 3.11 percent up at Rs 2,165 on BSE around 11:30 hours IST.

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First Published on Nov 13, 2019 11:52 am
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