Shares of HCL Technologies Ltd gained on Wednesday after the company announced that Swedish manufacturing company Husqvarna Group has selected the IT giant as its exclusive partner for digital transformation.
The Stockholm-based manufacturing company, Husqvarna Group, extended its partnership regarding information technology (IT) and digital transformation with HCL Tech, marking the latter’s first-of-its-kind agreement based upon the award-winning Vested framework, according to stock exchange filing.
HCL Tech has become the first Indian company to have received a large global IT contract and be Vested certified, the company informed the bourses. This approach promotes an environment which aims at not just improving services but also reducing costs and unlocking business values for the companies involved in the deal.
As per the newly extended five-year agreement, HCL Tech will make use of its digital, artificial intelligence (AI), engineering and support services for augmenting Husqvarna Group’s IT environments with the help of adaptive, personalised, AI-based solutions as well as a collaborative governance framework.
"This partnership will continue to enable us to empower our business with sustainable technology and data together with HCLTech," stated the Group CIO of Husqvarna Group, Robert Hafredal.
"We are glad to be a fully certified partner to Husqvarna Group in Vested methodologies, creating a unique model of transparency and incentives for us to jointly grow in our partnership," said Pankaj Tagra, Corporate Vice President - Europe and Africa at HCLTech.
After the announcement of bagging the contract from the Swiss manufacturing group, HCL Technologies shares surged as much as 1.7% to a high of ₹1,340 apiece on the BSE on Wednesday. However, the stock pared early gains and was trading 0.41% higher at ₹1,322.75 per piece on at 1:15 PM.
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