The TCS stock closed higher today amid report that the Bengaluru-based firm has expanded partnership with M&G Prudential. The stock of the blue-chip IT firm closed 1.74% or 30 points higher at 1781 on the BSE. The stock opened at 1756 level and hit an intra day high of 1785 level on the development. The stock is now just 3.14% away from its 52-week high of Rs 1,837 level. It has gained 3.47% during the last five days. The stock has gained 42% during the last one year and 31.91 percent since the beginning of this year.
The firm inked a $690 million deal with M&G Prudential, the UK and European savings and investments business of Prudential Plc, to digitally transform their business and deliver enhanced service for its UK savings and retirement customers.
The deal which earlier required the insurer to move the administration of 4 million customer policies to the IT company has been expanded to include an additional 1.8 million contracts. This would take the deal's final value to over $1.2 billion in ten years.
"The agreement has now been expanded to cover an additional 1.8 million customer policies which will move from M&G Prudential to TCS, bringing the total number of policies covered by the partnership to 5.8 million, and is worth an additional 500 million pound sterling ($668 million USD) over the term of the contract. The expanded partnership further cements TCS' position as the market leader in UK life and pension administration, with more than 18 million policies being administered by its BFSI Digital Platform, powered by TCS BaNCS," TCS said.
Suresh Muthuswami, President and Global Head, Banking, Financial Services and Insurance Platform, TCS said: "Earlier this year, we embarked on a journey to digitally transform and provide an enhanced service for M&G Prudential customers. We are delighted to have expanded this partnership which will help accelerate the growth agenda for M&G Prudential. We remain committed to deliver greater speed, agility and flexibility through our BFSI Digital Platform."
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today