HCL Tech rose 2 per cent on partnering with Barclays

The shares of HCL Technologies climbed over 2 per cent after the company announced an expansion of its strategic relationship with Barclays.

Barclays has declared HCL Tech as its preferred partner for IT infrastructure services. Both companies endeavour to strengthen their partnership on a global scale and explore opportunities in digital workplace services. The contract between the companies will be executed after receiving the necessary banking regulatory notification, which is expected to happen during the first quarter of 2019.

The scope of work involves transforming the user experience of over 80,000 Barclays employees using HCL’s substantial investments in AI and automation, including its award-winning automation platform DryICETM. Thus, HCL will be required to deliver transformational and mainframe services to both Barclays and chief clients from Lithuania. As such, the deal involves the transfer of 460 Barclays employees from their Operations Center in Lithuania to HCL.

On Tuesday, the shares of HCL Tech opened at Rs. 1,020.20 per share, and hit a high and low of Rs. 1,042.30 per share and Rs. 1,017.90 per share, respectively. At 2:51 pm, the stock was trading at Rs. 1,035.25 per share, up 1.63 per cent.