Wipro's share price rose 1.19% to Rs 596.00, the highest level since April 6, 2022. Despite erasing gains to trade flat at Rs 589.00, the stock has gained 48.42% in 12 months and 25.2% on a year-to-date basis. However, out of 45 analysts tracking the company, eight maintain a 'buy' rating, 12 recommend a 'hold' and 25 suggest 'sell', indicating a potential downside of 10.0% according to the average 12-month analysts' consensus price target.
Key takeaways:
- Wipro's share price has hit its highest level in over two years after securing a $100-million deal from Marelli, an Italy-based automotive solution firm.
- As part of the deal, Wipro FullStride Cloud will migrate Marelli's Milan Data Centre and server rooms to the cloud to centralise operations and provide a more agile and stable ecosystem.
- The project will empower Marelli to respond quickly to market changes, enable continuous innovation across their business, and strengthen their competitive edge.
- The stock extended its gains to the fourth session, gaining 48.42% in 12 months, and 25.2% on a year-to-date basis.