HCL Technologies gains on entering into shared services arrangement with Xerox

HCL Technologies is currently trading at Rs. 1015.90, up by 3.35 points or 0.33% from its previous closing of Rs. 1012.55 on the BSE.

The scrip opened at Rs. 1022.00 and has touched a high and low of Rs. 1023.55 and Rs. 1015.90 respectively.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 1124.50 on 25-Sep-2018 and a 52 week low of Rs. 880.00 on 05-Jun-2018.

Last one week high and low of the scrip stood at Rs. 1042.00 and Rs. 1004.65 respectively. The current market cap of the company is Rs. 137328.42 crore.

The promoters holding in the company stood at 60.00%, while Institutions and Non-Institutions held 36.50% and 3.50% respectively.

HCL Technologies has entered into a shared services arrangement with Xerox Corporation pursuant to which Xerox will outsource (subject to compliance with European works council consultation and employment regulatory requirements) certain global administrative and support functions, including, among others, selected information technology and finance functions. The transaction revenue over the course of seven years will be $1.3 billion.

The company is expected to make certain up-front and ongoing investments in software, tools and other technology to consolidate, optimize and automate the transferred functions with the goal of providing improved service levels and significant cost savings to Xerox.

HCL Technologies is a leading global IT services company that helps global enterprises re- imagine and transform their businesses through digital technology transformation.

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