Wipro shares rose 2.3% to the day’s high of Rs 273.55 in Thursday’s trade as the company bags a deal worth 500 million euros or $650 million. The IT major signed a 10-year contract with ReAssurre UK Services, a part of Phoenix Group, the UK’s largest long-term savings and retirement business.
“Under the terms of the deal, Wipro’s existing FCA-regulated entity, Wipro Financial Outsourcing Services Limited (WFOSL), will deliver comprehensive life and pension administration services to Phoenix Group’s ReAssure customers. These services will encompass Policy Administration, Claims Processing, Customer Service Support, Data Management and Reporting, Compliance and Regulatory Support, as well as Platform Technologies,” said the company in an exchange filing.
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Recently, the company rejigged its global business lines to match clients’ evolving business needs. This is the first deal since the company announced that change in business lines.
As part of the rejig, which comes into effect from April 1, Wipro will have four global business lines (GBLs) — technology services, business process services, consulting, and engineering. “This realignment will allow us to serve our clients better, enabling us to deliver tailored, high-impact transformation,” said chief executive and managing director Srini Pallia.
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Wipro reported a 24.5% year-on-year jump in its consolidated net profit for Q3 FY25 to Rs 3,353.8 crore. The company posted a net profit of Rs 2,694.2 crore in the same period a year ago. Sequentially, the net profit was up 4.5%. Wipro’s consolidated revenue from operations stood at Rs 22,319 crores for the third quarter of FY25, compared to Rs 22,205 crore in Q3 FY24, a rise of almost 1% YoY.
Wipro Vs Nifty 50
The share price of Wipro has fallen over 2% in the past five trading sessions. The stock has declined 9% in the past one month and 1.3% in the last six months. It has given a return of 13% in the previous one year.
To compare, the benchmark index, Nifty 50 has risen 1.8% in the last five trading sessions. The index has given a return of 4% in the past one month.
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