This software company gets a contract worth GBP 600 million from UK’s Phoenix Group!

The stock gained more than 1.80 per cent in the morning trade.

Tata Consultancy Services announced a partnership with Phoenix Group, one of UK’s largest long-term savings and retirements provider, to digitally transform the ReAssure business using the TCS BaNCS™ based platform. Phoenix Group acquired ReAssure, a UK-based life insurance provider, in 2020, and has now engaged with TCS to drive synergies and enhance the customer experience for ReAssure's policyholders.

The expanded partnership will result in a transformation of ReAssure’s operations, consolidating the heritage business on the same future-proof TCS BaNCS™ based digital platform used to administer Phoenix Group’s other books of business. The contract for the end-to-end business transformation including administration services is valued at over £600 million.

Tata Consultancy Services is the flagship company and a part of the Tata Group. It is an IT services, consulting and business solutions organization that has been partnering with many of the world's largest businesses in their transformation journeys for over 50 years.

Today, the stock opened at Rs 3472, with a high and low of Rs 3538 and Rs 3472. The stock is currently trading at Rs 3535.10 up by 1.86%.  

 The stock has a 52-week high of Rs 3856 and a 52-week low of Rs 2926. The company has a ROCE of 54.9% and an ROE of 43.6% with a market capitalisation of Rs 1,293,914 crore.