AIRLINK 74.00 Increased By ▲ 1.20 (1.65%)
BOP 5.00 Decreased By ▼ -0.06 (-1.19%)
CNERGY 4.44 Increased By ▲ 0.11 (2.54%)
DFML 30.21 Decreased By ▼ -0.31 (-1.02%)
DGKC 90.51 Increased By ▲ 4.56 (5.31%)
FCCL 23.16 Increased By ▲ 0.81 (3.62%)
FFBL 33.74 Increased By ▲ 0.52 (1.57%)
FFL 9.87 Increased By ▲ 0.09 (0.92%)
GGL 10.38 Decreased By ▼ -0.02 (-0.19%)
HBL 113.22 Decreased By ▼ -0.40 (-0.35%)
HUBC 138.00 Increased By ▲ 1.80 (1.32%)
HUMNL 9.77 Decreased By ▼ -0.26 (-2.59%)
KEL 4.76 Increased By ▲ 0.10 (2.15%)
KOSM 4.73 Increased By ▲ 0.33 (7.5%)
MLCF 39.68 Increased By ▲ 1.33 (3.47%)
OGDC 134.90 Increased By ▲ 1.50 (1.12%)
PAEL 28.80 Increased By ▲ 1.40 (5.11%)
PIAA 24.75 Decreased By ▼ -0.01 (-0.04%)
PIBTL 7.01 Increased By ▲ 0.46 (7.02%)
PPL 123.19 Increased By ▲ 1.98 (1.63%)
PRL 27.45 Increased By ▲ 0.30 (1.1%)
PTC 14.56 Increased By ▲ 0.67 (4.82%)
SEARL 61.61 Increased By ▲ 1.21 (2%)
SNGP 69.60 Increased By ▲ 1.07 (1.56%)
SSGC 10.45 Increased By ▲ 0.12 (1.16%)
TELE 8.94 Decreased By ▼ -0.11 (-1.22%)
TPLP 11.48 Increased By ▲ 0.22 (1.95%)
TRG 66.40 Increased By ▲ 0.70 (1.07%)
UNITY 25.29 Increased By ▲ 0.04 (0.16%)
WTL 1.58 Increased By ▲ 0.08 (5.33%)
BR100 7,714 Increased By 81 (1.06%)
BR30 25,614 Increased By 441.8 (1.75%)
KSE100 73,315 Increased By 656.9 (0.9%)
KSE30 23,542 Increased By 159.4 (0.68%)

BENGALURU: India’s top IT services provider Tata Consultancy Services said on Wednesday that it has signed a new contract worth 840 million pounds ($1.1 billion) with British pension scheme Nest for an initial tenure of 10 years.

The contract, to help Nest transform its administration services, if extended to the entirety of its 18-year tenure would be worth 1.5 billion pounds, TCS said in a statement.

The deal comes at a time when Indian IT services companies are facing demand challenges in their key markets, the United States and Europe, where clients have cut spends amid worries about recession.

TCS and Nest have been working together since 2011.

Indian IT giant TCS misses profit estimates on US weakness

Last week, TCS mutually terminated a $2 billion contract with insurance provider Transamerica, citing reasons that include a challenging macro environment.

Investors now await an updated view from India’s IT companies which are due to report their quarterly results next month after they flagged uncertain demand environment in April.

In response to the slowdown, the companies are slashing hiring and getting projects done with existing workers, a rare pullback that could weigh on the country’s economy.

TCS shares are up 2.1% so far this year, underperforming nearly 4% gains in broader Nifty 50 index.

Comments

Comments are closed.