Wipro Shares up 2% Following $650-Million Deal with UK Firm

Wipro Ltd shares were up by 2% on March 27 after the IT firm inked a 10–year contract with ReAssure UK Services Limited valued at $650-million (£500 million). ReAssure UK Services Limited is a part of Phoenix Group, which is the UK's largest long-term savings and retirement business.

On January 23, the stock hit a 52-week high of ₹324.55 and slipped to a 52-week low of ₹208.40 on June 4, 2024. The stock has gained by 14.78% in a year and is also up by 50% in two years.

The scrip is 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.

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 per the arrangements, Wipro will be responsible for assuming the management of the core policy administration of ALPHA platform by modernising it with AI, Automation, Cloud, and Digital transformation technologies. The undertaken efforts will ensure the platform is future-ready, while also laying equal emphasis on enhancing efficiency, and delivering superior customer experiences for Phoenix Group policyholders. Wipro is also set to strengthen its UK presence by establishing additional technology and operational service hubs.

During the December quarter (Sep-Dec), Wipro reported a net profit of ₹3,353.8 crore against ₹2,694.2 crore in the corresponding period a year ago. Revenue from operations were up by 0.51% to ₹22,318.8 crore in Q3 FY25, against ₹22,205.1 crore in the year-ago period.