HCL Technologies to provide Enterprise-wide IT solution to SIDBI

HCL Technologies Ltd on May 09, 2007 has announced that it has entered into an agreement with SIDBI to implement an integrated Enterprise-wide IT solution for SIDBI for delivering increased efficiency in its business operations and reduce response time to SME customers in credit delivery.

The application software products to be implemented by the Company for this project, will include core banking, business intelligence, data warehousing, loan automation, document management, portal and e-learning solutions aimed towards enabling SIDBI to reduce time to market, increase efficiencies, control exposures and risks. The Company shall also be doing extensive business process re-engineering before the implementation phase. The project shall be implemented in a period of 15 months and the Company will support the solution at SIDBI for a period of 5 years thereafter.

According to Kiran Bhagwanani, Country Manager - India & Middle East for the Company, "HCL is pleased to partner with SIDBI for their business process re-engineering & automation initiative which will significantly enhance their agility for their customers - the fast growing SME sector. This engagement will leverage HCL's strong credentials in transformational, multi-service deals and our experience in the financial services sector in India."

The stock closed the day at Rs.326.45, down by Rs.4.95 or 1.49%. The stock hit an intraday high of Rs.333.80 and low of Rs.324. The total traded quantity was 163837 compared to 2 week average of 244713.

Source : Equity Bulls

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