Shares of Wipro rallied 5.5% to an intraday high of Rs 486.40 from its previous close of Rs 461. The upsurge in the price of the company’s scrip came in after it won a deal of $500 million with a leading US Communication Service Provider.
Wipro will be providing managed services for some products and industry-specific solutions for five years, said the company in a stock exchange filing.
Wipro’s stock has raised the investors’ wealth by more than 9% in the last five days. It has risen almost 16% in the past six months. The shares of Wipro have risen more than 20% in the past year and 1.5% from the year to date.
To compare, the benchmark index Nifty 50 has risen 0.3% in the last five days and over 11% in the past six months. The index has given a return of 24% in the last year and 7% from the year to date.
Wipro in Q4 of FY24 reported a drop of 7.6% on year in its consolidated net profit standing at Rs 2,858.20 crore against Rs 3,093.50 crore it posted in the same period a year ago. Similarly, its revenue from operations fell 4.23% on year in Q4 of FY24 to Rs 22,208.30 crore compared to Rs 23,190.30 crore it posted in Q4 of FY23.