Wipro shares trade higher on 5-yr deal with ABB Info System

Shares of Wipro were trading 1.4 per cent higher at Rs 572.45 on BSE after the company announced that it has been awarded a five-year, strategic engagement to drive transformation for ABB’s Information Systems digital workplace services.
 
"The agreement, worth over $150 million, will help ABB’s Information Systems deliver enhanced, consumer-grade digital experiences for its 105,000 employees in over 100 countries," the company said.
 
The stock opened 1.4 per cent higher at Rs 572.45 against the previous close of Rs 564.25. With a market capitalisation of more than Rs 3 lakh crore, the shares stand higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.
 
"This engagement, led centrally from Switzerland by ABB and Wipro Limited, will deliver increased automation and enhanced user experience through personalised services underpinned by real-time analytics—all wrapped with Wipro’s superior endpoint security services. Wipro will also provide ABB with managed services support leveraging Wipro’s LiVE Workspace™ solution," Wipro said in its regulatory filing.
 
Pierre Bruno, CEO, Europe, Wipro Limited, said, “ABB is a great example of a business looking to unlock the power of technology to transform. As ABB’s strategic partner we will be driving a forward-looking roadmap that leverages our experience and knowledge of ABB to-date and brings to bear the best of digital and technology transformation practices.
 
"We share a goal of elevating the end user experience and ultimately making a positive impact in the lives of ABB’s employees through Digital Workplace Services. I’m proud of the part Wipro Europe will play in achieving these goals," Bruno added.
 
Wipro's net profit came in at Rs 2,969 crore in Q3 against Rs 2,968 crore in the corresponding period of the previous year. On a sequential basis, the net profit was up 1.3 per cent.
 
For the March 2022 quarter, the company expects revenue from the IT services business to be in the range of $2,692 million to $2,745 million, translating into a sequential growth of 2-4 per cent.