Wipro Gains 3% on Multi-Million-Dollar Contract
Shares in Wipro rose nearly 3 per cent on Friday after the company announced a strategic alliance with Canada's ATCO, which will result in annual revenues of $112 million for the next 10 years. Alberta-based ATCO is engaged in structures & logistics, utilities, energy and technologies.
Wipro, India's third largest outsourcer will provide complete suite of IT services to ATCO in Canada and Australia.
The deal is a big boost for Wipro, which has lagged industry growth estimates for the past few years. Bangalore-based Wipro is estimated to post revenue growth of 9.9 per cent in the current fiscal, according to Thomson Reuters SmartEstimates.
As of 9.36 a.m., Wipro traded 2.39 per cent higher at Rs 550.20 compared to 0.58 per cent fall in Nifty. It had hit a high of Rs 552.70 in early trade.
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