Infosys shares hit a fresh 52-week high on Tuesday after the IT consulting company announced that Regional Investment Corp Australia is adopting its subsidiary’s SaaS platform.

Shares of Infosys hit an intraday high of Rs 1690, 2.01% higher than its last closing price on the National Stock Exchange (NSE). Although the stock lost early gains and settled 0.22% lower at Rs 1653.

In a filing, the IT major informed the stock exchanges that its wholly-owned subsidiary Infosys Finacle and Regional Investment Corporation (RIC) successfully implemented the Finacle Digital Lending Solution Suite in a Software-as-a-Service (SaaS) mode running on AWS. RIC is an Australian government concessional finance provider for farmers.

The transformation project comprised the adoption of Finacle Online Banking and Finacle Alerts Solution and was completed in nine months. It helped RIC to offer streamlined digital financial lending services to its customers in the Australian agricultural sector at significantly lower operating costs and higher self-service capabilities.

Infosys added in the statement that adopting the Finacle SaaS platform has reduced operating costs, enhanced efficiencies and boosted customer self-service capabilities.