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India's second largest IT services company Infosys has surged 2% to Rs 3790 on the BSE in the early morning trades after the company signed a five-year group-wide IT outsourcing services contract with BP (formerly British Petroleum).
The scope of the engagement will include application support, development as well as enhancing business applications for all of BP's key IT operations.
Infosys said the new agreement will be effective from September 1, 2014 and the geographical scope would include BP's main facilities in Houston, Texas, and in the UK, as well as support in locations as diverse as Azerbaijan, Angola, Brazil and Singapore.
Although the company did not disclose the value of the contract, industry experts believe it is an extension of the existing contract Infosys signed with BP with some new elements of engagements.
Shares of Infosys opened at Rs 3722, touched a high of Rs 3793 and a low of Rs 3722 on the BSE. A total of 2,984 shares have been exchanged on the BSE so far.
