Wipro shares hits 52-week high after receiving $100 million worth order
Wipro shares hits 52-week high after receiving $100 million worth order
A leading global technology services company has recently expanded its strategic partnership with a prominent automotive component manufacturer. This significant contract marks a substantial milestone in digital transformation efforts for the international enterprise.
The collaboration between Wipro and Italy’s Marelli aims to revolutionise technological infrastructure through comprehensive cloud migration strategies. By centralising critical data operations, the project promises to dramatically enhance operational efficiency and technological responsiveness.
Share Price Movement
The share price of Wipro Limited went down by 0.46 percent to Rs. 586.30 per share on Wednesday, a decrease from its previous close of Rs. 589 per share. The market capitalisation now stands at approximately Rs. 3,06,862 crore as of November 27, 2024. Shares of Wipro hit a 52-week high of Rs 595 following the announcement.
What happened
Wipro has secured a four-year, approximately $100 million contract extension with Italy’s Marelli to modernise its IT infrastructure. The project involves migrating Marelli’s data centres and servers to the cloud, enhancing efficiency and innovation. Wipro’s FullStride Cloud Services will centralise operations, improving responsiveness and competitiveness.
Bonus Share Issue
Wipro has announced a 1:1 bonus share issuance, granting one bonus equity share for every fully paid equity share held, including ADS holders. The record date is set for December 3, 2024, subject to shareholder approval via postal ballot. This move was disclosed during the company’s quarterly results.
Q2 Financial Highlights
According to its recent filing, in the quarter ending September 2024, Wipro Limited’s consolidated revenue from operations has decreased by 0.95 percent YOY from Rs. 22,516 crore in Q2 FY24 to Rs. 22,302 crore in Q2 FY25 and increased by 1.53 percent QoQ from Rs. 21,964 crore in Q4 FY24.
The company’s consolidated net profit has increased by 21 percent, from Rs. 2,667 crore in Q2 FY24 to Rs. 3,227 crore in Q2 FY25. As compared to the last quarter of 2025, the company’s net profit has increased by 6.25 percent QoQ from Rs. 3,037 crore.
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Market Outlook
The IT services industry is expected to see moderate growth, with enterprise software and IT services being the primary drivers. Key focus areas include digital transformation, cloud and cybersecurity, intelligent applications, and AI. IT service providers are equipped to support enterprises across various industries to overcome current challenges, with a wide range of offerings for digital transformation.
The industry is expected to accelerate and drive investments in fiscal year 2025 based on investments made by clients in key areas such as AI, GenAI implementation, cost optimisation, operational excellence, and digital initiatives.
Shareholding Pattern
As of the November 2024 shareholding pattern, Wipro Limited is primarily held by the promoters at 72.80 percent, foreign institutional investors hold 7.54 percent, and the public with 11 percent.
About Company
Wipro Limited, headquartered in Bangalore, India, is a prominent multinational technology company. Founded in 1945, Wipro initially began as a vegetable oil manufacturer before transitioning into the IT and consulting sectors. Today, it stands as one of India’s leading technology service providers, employing over 259,000 people globally.
The company offers a wide range of services, including IT, consulting, business process outsourcing (BPO), and engineering solutions. Wipro’s IT services cover software development, cloud services, cybersecurity, data analytics, and AI.
Additionally, it provides consulting services in business strategy and digital transformation. With a global presence in over 66 countries, Wipro caters to industries such as healthcare, retail, telecommunications, and financial services.
Wipro’s continuous investments in technology, such as its acquisitions of Appirio and Capco, enhance its digital capabilities. By focusing on innovation and client needs, Wipro remains a key player in the global IT market.
Written By Fazal Ul Vahab C H
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