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Wipro surges on signing strategic digital and IT partnership deal with METRO AG

Wipro is currently trading at Rs. 375.95, up by 11.95 points or 3.28% from its previous closing of Rs. 364.00 on the BSE.

The scrip opened at Rs. 374.15 and has touched a high and low of Rs. 377.50 and Rs. 370.25 respectively. So far 41338 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 381.70 on 13-Oct-2020 and a 52 week low of Rs. 159.60 on 19-Mar-2020.

Last one week high and low of the scrip stood at Rs. 377.50 and Rs. 348.30 respectively. The current market cap of the company is Rs. 208038.31 crore.

The promoters holding in the company stood at 74.02%, while Institutions and Non-Institutions held 14.88% and 8.63% respectively.

Wipro has signed significant strategic digital and IT partnership deal with METRO AG, the leading global wholesale company that is redefining the food service distribution industry. As a part of this transaction, Wipro will take over the IT units of METRO AG – METRO-NOM GMBH in Germany and METRO Systems Romania S.R.L. Through this partnership, more than 1,300 employees across Germany, Romania and India will transfer to Wipro, providing them with new opportunities to advance their careers, access innovation, work with leading digital technologies and adopt new ways of working that enable agility, speed and scale in engineering.

The estimated deal value for the duration of the first 5 years is approximately $700 million. With the intention to extend up to 4 additional years, it can be a potential spend of up to $1 billion. Wipro will deliver a complete technology, engineering and solutions transformation program for METRO as it positions itself as a Wholesale 360-degree provider in the hotel, restaurant and catering food industry fuelled by quality, focus and flexibility. Wipro’s transformation program will encompass cloud, data center services, workplace and network services, along with application development and operations to provide an integrated, flexible and robust digital infrastructure to help drive METRO’s transformation agenda.

Wipro is a leading global information technology, consulting and business process services company.

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