Shares of Zensar Technology Ltd. rose after the company said a U.K.-based rural insurer picked it as a strategic technology and digital services partner.
Zensar will work with NFU Mutual on a number of strategic technology initiatives to help deliver the short- and long-term vision of the business, according to an exchange filing. The work, it said, will encompass software development, maintenance and support in both current and future-facing technologies such as Guidewire, Microsoft and Cloud.
The size of the deal, however, is undisclosed.
“Zensar’s strategic investments in next-generation IT services will help NFU Mutual drive true agility and deliver to their numbers,” Sandeep Kishore, chief executive officer and managing director at Zensar, was quoted as saying in the filing.
Shares of Zensar gained as much as 5.7% to Rs 241.95 apiece. The stock is up for the second straight day. Of the 14 analysts tracking the stock, 10 have a ‘buy’ rating and four suggest a ‘hold’. The stock is trading 8% higher than its 12-month Bloomberg consensus price target of Rs 220.1 apiece.
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