HCL Tech up 4% on $200 mn deal with Disney

Under the contract, HCL will update tech infrastructure, and manage entire software for the $41-billion company

HCL Technologies is trading higher by 4% to Rs 490 on reports that information technology (IT) consulting and software firm has signed an IT outsourcing contract worth of over $200 million (Rs 1,100 crore) with Walt Disney.

“Under the Disney deal, HCL will update technological infrastructure and update and support software for the $41-billion company, including its theme parks and resorts businesses,” the report suggests.

Meanwhile, on a speculation of Vineet Nayar quitting and HCL Technologies was set for a management shuffle, the company has clarified and confirms that Mr. Vineet Nayar is and will continue to be the Vice-Chairman and CEO of the company and there is no change in the same.

 

On the speculations, the stock has fallen more than 4% in past four trading sessions, compared to a marginal 0.12% drop in the benchmark index Sensex.

A combined around 900,000 shares have changed hands on the counter so far on both the exchanges.