TCS hits fresh 52-week high after $690 million deal with M&G Prudential

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TCS hits fresh 52-week high after $690 million deal with M&G Prudential

The TCS stock rose up to 3 per cent on Wednesday after the IT firm inked an over GBP 500 million ($690 million) deal with M&G Prudential, the UK and European savings and investments business of Prudential plc. Under the contract, TCS will digitally transform M&G Prudential's business and deliver enhanced service for its UK savings and retirement customers, TCS said.

At 1:07 pm, the stock was trading at 2,891 level, rise of 40 points or 1.41% from its previous close. The stock hit its 52-week high of 2,925 in intra day trade on BSE.

The stock closed 1.35% or 38.60 points higher at 2,889 level on BSE.

"The value of this agreement exceeds GBP 500 million (USD 690 million) over 10 years and covers the support of over 4 million customer policies," it added. TCS has over the last few weeks announced a slew of large client wins including American insurer Transamerica (over USD 2 billion), television rating measurement firm Nielsen and British retailer Marks & Spencer.

According to a statement by M&G Prudential, the administration of over four million life and pensions contracts will move from Capita (Prudential's business partner for last 10 years) to TCS' Diligenta. "About 1,100 Capita roles across a number of UK sites are expected to be transferred under the TUPE arrangements to Diligenta. A further 700 roles in India are also expected to move from Capita to TCS," it added.

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