Wipro stock price increased by 2% on Thursday because the company obtained a $650-million (£500 million) contract with ReAssure UK Services Limited which operates as a subsidiary of Phoenix Group. Wipro gains a stronger foothold in the UK through this 10-year agreement which covers life and pension business administration. The BSE recorded the stock price at ₹273.60 while the market capitalization reached ₹2.83 lakh crore.
During the last year Wipro’s stock value increased by 14.78% while it grew 50% during the two-year period. The stock price exists above the 5-day and 10-day moving averages but shows a lower position compared to the 20-day and all longer-term moving averages. The stock price reached its highest point at ₹324.55 during January 23, 2025 and its lowest at ₹208.40 on June 4, 2024.
The agreement requires Wipro to implement AI and automation and cloud and digital transformation solutions for the modernization of Phoenix Group’s ALPHA policy administration platform. The IT giant plans to establish new technology and service hubs as part of its UK operation expansion.
Wipro announced a 24.48% increase in net profit from Q3 FY25 along with revenue growth of 0.51% to ₹22,318.8 crore.
