Friday, 7 June 2024, Bengaluru, India
Wipro had an increase in its shares by 5.46 percent to Rs 486.15. The share increased after the IT company confirmed a $500 million deal with the US communication service provider. Mentioned that the vice president at Religare Broking suggested that take exist at the current level as it can face resistance near Rs 500. Wipro secured a $500 million deal; as a part of this deal, the company will provide managed services and industry-specific solutions.
The company has been trying to secure mega deals for the past fewmonths but failed, the deals valuing more than $500 million are the main factor in growing revenuefor IT-based startups. Previously, Wipro announced a multi-billion dollar deal with Nokia to offer real-time IT support for global employees network and employee service desk.
The company had made $4.6 billion worth of large deals this fiscal year. Last financial year, it had the most negligible revenue from communications, with 4.2 percent of its total $10.8 billion revenue, followed by manufacturing with a 6.9 percent share, technology at 11.7 percent, and natural resources at 11.8 percent. Wipro shares previously closed at Rs 461 and increased by 5 percent today. As a part of a new operating model, the IT firm plans to expand its stake in the IT industry and aims to secure more deals.
The startup aims to secure a large deal worth more than $500 million by working with its partners and clients. Wipro expects growth in its next financial year, 2024-2025, by getting clients in areas including Generative AI and Artificial intelligence. The company reported an increase in Total contract value by 9 percent yearly to $1.2 billion for Q4 FY24. The company’s order book was up by 16 percent at $4.6 billion yearly compared to FY23.
Conclusion
An Information and technology startup, Wipro, reported a 5% increase in its shares to Rs 486.15. The share increase is due to Wipro confirming a $500 million deal with the US communications service provider. The current level is expected to face resistance at Rs 500. The company focuses on providing managed services and industry-specific solutions as part of this $500 million deal. WiproShares previously opened at Rs 461.
The company focuses on securing large-scale deals and expanding the market. Previously, Wipro announced a multi-billion dollar deal with Nokia to offer real-time IT support for the global employees’ network and the employee service desk. As a part of a new operating model, the IT firm plans to increase its stake in the IT industry and aims to secure more deals. The company has been trying to secure mega deals for the past few months but has failed. Deals valued at over $500 million are the main factor in growing revenue for IT-based startups. The company reported an increase in Total Contract value by 9 percent yearly.
