Tata Consultancy Services Ltd’s shares were up by 0.40 per cent after the company signed an agreement with the Australian Securities Exchange (ASX) to replace its existing cash equities clearing and settlement platform. The deployment of TCS BaNCS for market infrastructure will usher in a next-generation solution to serve the Australian market.

According to the company, ASX’s decision to opt for TCS’s flagship product aims to transform its current platform, with the new technology stack set to be implemented in two releases. The first phase will focus on delivering the clearing service, followed by the settlement depository and sub‐register services in the second phase. This staged approach is designed to mitigate delivery risks and minimise the impact on industry stakeholders.

Vivekanand Ramgopal, President, BFSI Products & Platforms, TCS, said, “Our selection is an affirmation of our track record in this mission-critical business, continuous investments in our products, and shared vision of how we see the future of market infrastructure institutions in a technology-led world.”

The shares were up by 0.40 per cent to ₹3,516.30 at 12:46 pm on the BSE.