Wipro Shares Gain After Winning Deal From A US Communication Service Provider
The Rs 4,173 crore contract involves providing market services for some products and industry-specific solutions.
![<div class="paragraphs"><p>Wipro Ltd.’s office in Bengaluru. (Photo: Vijay Sartape/Source: NDTV Profit)</p></div>](https://media.assettype.com/bloombergquint%2F2024-04%2F4e8a52db-0de2-489c-a56f-ca745ceefdc4%2FWipro_logo_180119__2__jpeg.jpg?rect=0%2C57%2C1280%2C720&auto=format%2Ccompress&w=200)
Shares of Wipro Ltd. hit their highest level in nearly two months on Friday after it won a $500 million, or Rs 4,173 crore, deal from a US communication service provider.
The contract involves providing market services for some products and industry-specific solutions, according to an exchange filing. The project is expected to be executed over the next five years.
![Wipro Shares Gain After Winning Deal From A US Communication Service Provider](https://media.assettype.com/bloombergquint%2F2024-06%2F57a29d0a-9d7e-4cd3-b6c7-e8698722046e%2FWhatsApp%20Image%202024-06-07%20at%209.36.18%20AM.jpeg?auto=format%2Ccompress)
Shares of the company rose as much as 5.09% to Rs 484.45 apiece, the highest level since April 9, 2024. It pared gains to trade 4.82% higher at Rs 483 apiece as of 9:56 a.m. This compares to a 0.45 advance in the NSE Nifty 50 Index.
The stock has risen 2.49% on a year-to-date basis, and has risen 24.12% in the last twelve months. The total traded volume on the NSE so far today was 2.38 times its 30-day average. The relative strength index was at 64.41.
Out of 45 analysts tracking the company, nine maintain a 'buy' rating, 13 recommend a 'hold,' and 23 suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 5%.