Wipro Shares Gain After Winning Deal From A US Communication Service Provider

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.

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%.