Mphasis dips nearly 2 per cent despite announcing expansion plans in UK

An information technology (IT) solutions provider, Mphasis Limited, which specialises in cloud and cognitive services, is expanding its footprint in the UK with a special focus on customer-led digital transformation initiatives in banking & insurance.  

The company is doing so by establishing a nearshore centre outside London. It is investing over 25 million GBP upfront towards establishing this centre. Once completed, it is expected to provide close to 1,000 UK jobs at the beginning, which will have the capability to expand and cater to customers even beyond the UK thus, potentially creating a much larger opportunity in the job market.  

Focussed on the insurance market, this centre aims to deliver the best technology and insurance operation services to clients through innovation in operational, technological, and service excellence. The company brings its existing digital & domain expertise as well as global capabilities to constitute a proposition & capability, which would be helpful in harnessing the needs of UK clients.  

At 1.25 pm on Tuesday, the share price of Mphasis was trading 1.79 per cent down at Rs 1,754.20 on BSE.

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