Shares of Wipro Ltd gained over 2% on Thursday after the IT firm inked a 10-year, $650-million (£500 million) contract with ReAssure UK Services Limited, a part of Phoenix Group, UK's largest long-term savings and retirement business. Wipro stock rose 2.37% to Rs 273.60 on BSE today. Market cap of the firm stood at Rs 2.83 lakh crore. Total 2.12 lakh shares of the firm changed hands amounting to a turnover of Rs 5.82 crore on BSE.
Wipro stock hit a 52 week high of Rs 324.55 on January 23, 2025 and fell to a 52 week low of Rs 208.40 on June 4, 2024.
Wipro stock has gained 14.78% in a year and gained 50% in two years.
Wipro shares are trading higher than the 5 day, 10 day but lower than the 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
The project is designed to deliver life and pension business administration for the ReAssure business and accelerate Phoenix Group’s operational transformation.
Nagendra Bandaru, Managing Partner and Global Head -Technology Services, Wipro Limited said, “This strategic engagement with Phoenix Group reflects our commitment to leveraging our deep transformation expertise around process and technology - including cloud, data, and AI to drive increased operational agility for clients in the financial services sector. We are thrilled to partner with Phoenix Group at this critical juncture of their transformation journey and supporting them as they look to navigate an ever-evolving digital landscape.”
As part of the engagement, Wipro will assume management of the core policy administration ALPHA platform, modernising it with AI, Automation, Cloud, and Digital transformation technologies. This modernisation initiative will ensure the platform is future-ready, enhancing efficiency, and delivering superior customer experiences for Phoenix Group policyholders. Wipro will also strengthen its UK presence by establishing additional technology and operational service hubs.
IT firm Wipro reported a 24.48 per cent rise, year-on-year (YoY), in its consolidated net profit for the December 2024 quarter (Q3 FY25). Profit came at Rs 3,353.8 crore as against Rs 2,694.2 crore in the year-ago period. Revenue from operations rose 0.51 per cent to Rs 22,318.8 crore in Q3 FY25 from Rs 22,205.1 crore in the corresponding period last fiscal.