HCL Tech bags contract from Munich Re

HCL Technologies jumped 4.24% to Rs 1,164.5 after the company said it signed a contract with Munich Re to create a next-generation digital workplace for its workforce.

As per of the contract, HCL Tech will modernize and standardize workplace services for more than 16,000 Munich Re employees in 40 countries. HCL will adopt a glocal strategy to support Munich Re's global workforce in multiple languages, including German, Spanish and Mandarin, from near-shore locations. It will also implement a highly personalized service desk solution and leverage the power of automation and self-service capabilities to improve efficiency and enhance employee user experiences.

HCL's Fluid Workplace Solution offers Munich Re the flexibility to rapidly modify remote working practices as business needs evolve to mitigate the risks associated with the uncertainty surrounding the pandemic. In addition, HCL's WorkBlaze solution will provide predictive analytics and AI for IT Operations capabilities, which will help Munich Re proactively enhance user experiences and pave the way toward a self-healing digital workplace.

We've already achieved significant success with Munich Re in modernizing its applications and supporting its core insurance platforms, said Rahul Singh, president of financial services of HCL Technologies. Flexibility and user-experience transformation are now of greater importance, and this deal reflects the growing value organizations like Munich Re see in HCL's innovative Fluid Workplace model. This alliance also represents another significant stride in HCL's growth in Germany, where we continue to invest in expanding our footprint and developing new solutions to support our clients.

Shares of HCL Tech hit an all time high of Rs 1,168 in intraday today. From its 52-week low of Rs 682.80 hit on 1 September 2020, the stock has risen 70.6%.

HCL Technologies is a leading global technology company. HCL offers its services and products through three business units: IT and Business Services (ITBS), Engineering and R&D Services (ERS) and Products & Platforms (P&P).

On a consolidated basis, the IT firm's net profit jumped 8.5% to Rs 3,214 crore on 2.2% increase in revenues to Rs 20,068 crore in Q1 FY22 over Q4 FY21.

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