Wipro Secures $500 Million Deal with US Communication Service Company

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Wipro Ltd. has secured a $500-million contract from a major US communication service provider, the company announced on Thursday. This deal, worth approximately Rs 4,175 crore, involves Wipro delivering managed services for various products and industry-specific solutions over the next five years. The name of the client was not disclosed in the exchange filing.

In a recent collaboration, Wipro and Microsoft Inc. launched several cognitive assistants for financial services, powered by generative artificial intelligence. These include GenAI Investor Intelligence, GenAI Investor Onboarding, and GenAI Loan Origination. These cognitive assistants, leveraging Microsoft Azure’s OpenAI service, will integrate with existing mobile and digital platforms to provide a unified information source for financial services professionals and their clients.

On the BSE, Wipro shares closed 2.09% higher at Rs 461 apiece, preceding the announcement, compared to a 0.93% rise in the benchmark BSE Sensex. Wipro’s market capitalization rose to Rs 2.41 lakh crore, with 6.07 lakh shares traded, amounting to a turnover of Rs 27.81 crore. The stock’s relative strength index (RSI) stands at 53.4, indicating it is neither oversold nor overbought. Wipro’s stock is trading above its 5-day, 10-day, 20-day, and 30-day moving averages but below its 50-day, 100-day, and 150-day averages.

Despite a 7.60% year-on-year (YoY) decline in consolidated net profit to Rs 2,858.20 crore, down from Rs 3,093.50 crore in the same quarter last year, Wipro’s consolidated revenue from operations fell by 4.23% YoY to Rs 22,208.30 crore, compared to Rs 23,190.30 crore in the corresponding quarter of the previous year.

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