Mphasis jumps 5%, transfers domestic biz portion to Karvy

"Mphasis announced the signing of a definitive agreement to transfer a portion of its domestic business to Karvy Data Management Services (KDMSL)," said the IT services provider in its filing, adding it is subject to regulatory approvals.

July 10, 2015 / 01:42 PM IST
 
 
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Moneycontrol Bureau


Shares of IT company Mphasis rallied 5 percent intraday Friday after the company decided to transfer its portion of domestic business to Karvy.


"Mphasis announced the signing of a definitive agreement to transfer a portion of its domestic business to Karvy Data Management Services (KDMSL)," said the IT services provider in its filing, adding it is subject to regulatory approvals.


KDMSL provides business and knowledge process services in India.


“Specialization and consistent strategy execution holds the key to success. This definitive agreement offers tangible proof of commitment to execute strategic roadmap.” said Ganesh Ayyar, CEO of Mphasis.

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This is Mphasis’ second definitive agreement further to the recent signing with Hinduja Global Solutions (HGS) to transfer over 7000 employees which was roughly two-third of the India domestic voice business. With this current agreement, over 2000 employees would be transferred to KDMSL.


On June 30, Mphasis had signed a definitive agreement to transfer a significant portion of its domestic business to Hinduja Global Solutions (HGS), a global BPM leader in optimizing customer experience for clients.


At 12:56 hours IST, the scrip of Mphasis was quoting at Rs 406, up Rs 10.50, or 2.65 percent on the Bombay Stock Exchange.

Posted by Sunil Shankar Matkar

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