HCL Technologies gains after a deal with Xerox Corporation

Share price of HCL Technologies rose 1 percent intraday March 19 after the company entered into a shared services arrangement with Xerox Corporation.

Xerox will outsource certain global administrative and support functions, including, among others, selected information technology and finance functions (excluding accounting), as per HCL's BSE release.

The transaction revenue over the course of seven years will be $1.3 billion, it added.

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.

At 1051 hours, HCL Technologies was quoting at Rs 1,020.95, up Rs 8.40, or 0.83 percent on the BSE.