Shares of HCL Technologies rallied 2.5 percent intraday Tuesday as the IT services provider has signed an application development and maintenance contract with Deutsche Bank. Under the terms of agreement, HCL will provide digital solutions, systems integration, product implementation and design, build and test new applications in addition to ongoing application maintenance and support services, the company said in its filing.
HCL will manage and enhance some of the existing application suites, including corporate banking and securities, global transaction banking, asset and wealth management, and risk, finance and back-office operations across Deutsche Bank group, it added. The program is part of a broader strategic initiative by Deutsche Bank.
"We look forward to helping them create a high performance banking application portfolio to support their key programmes over the coming years,” said Parag Samarth, corporate vice president – financial services, HCL. At 14:43 hours IST, the scrip of HCL Technologies was quoting at Rs 855.25, up Rs 16.70, or 1.99 percent on the BSE.
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