TCS today rose 2% to hit an intraday high at Rs.3538, with some 21k shares changing hands. It is some 9% away from its 52-week high of Rs.3856.
The stock price rose after it announced the expansion of partnership with existing United Kingdom-based client Phoenix Group in a £600 million ($723 million) deal. This is the largest deal win of current fiscal.
The Phoenix Group is UK’s largest long-term savings and retirements provider, to digitally transform the latter’s ReAssure business using the TCS BaNCS based platform.
The expanded partnership is aimed at transformation of ReAssure’s operations, consolidating the heritage business on TCS BaNCS.