The shares of this leading technology services and consulting company turned green on Thursday after the company announced securing a $650 million deal with Phoenix Group.
Stock Performance
With a market capitalization of Rs 2.8 lakh crore, Wipro Ltd rose 2 percent in Thursday’s trading session and made an intraday high of Rs 273.60 per share compared to its previous closing price of
Rs 267.25 per share. The shares reiterated from the day’s high and were trading at Rs 270.90 which is 1 percent higher than the previous close.
What Happened
Wipro Limited and “Wipro Financial Outsourcing Services Limited” (WFOSL), a wholly owned subsidiary, have signed a 10 year deal with the ReAssure business of Phoenix Group, the UK’s largest long-term savings and retirement business.
As part of the $650 million agreement, Wipro will oversee essential business operations like policy administration, claims processing, customer service support, data management, reporting, and compliance.
Additionally, Wipro will also modernize ReAssure’s core policy administration platform, ALPHA, by adopting AI, automation, cloud, and digital transformation technologies. The deal is structured as a master services agreement.
Company Overview
Wipro is a global company that operates through 2 segments: IT services and IT products. The services segment includes customer centric design, digital strategic advisory, systems integration and package implementation. The products segment primarily consists of third-party IT products which allows it to provide IT system integration services.
Financial Performance
When looking at the latest filings, Wipro reported a muted rise in revenue from Rs 22,205 crore in Q3 FY24 to Rs 22,319 crore in Q3 FY25. This was accompanied by a healthy 25 percent increase in net profits from Rs 2,701 crore to Rs 3,367 crore during the same period.
Written by Shwetha Sairam
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