Wipro gets new order of $500 million

7 Jun 2024 , 01:59 PM

Wipro Ltd has secured a $500-million, 5-year deal from a leading US communication service provider.

On June 6, Wipro’s shares closed 2% higher at ₹461.6 apiece. At the time of writing, the shares of Wipro were trading at ₹482 which is a 4.58% gain than the previous close. 

The company will provide managed services for specific products and industry solutions. This is the first significant deal under new CEO Srinivas Pallia, who took charge on April 6 after Thierry Delaporte stepped down.

In April, Wipro signed a multi-million-dollar agreement with Nokia to revamp its employee service desk and provide real-time IT support globally.

CEO Srinivas Pallia has outlined five key focus areas, with accelerating large deal momentum as a primary goal. Pallia plans to proactively pursue current and future large accounts.

Wipro expects growth in FY 2024-25 driven by client investments in AI and Generative AI. For Q4 ending March 31, Wipro reported a total contract value (TCV) of $1.2 billion, a year-on-year increase of over nine%.

Large deal bookings are defined as those with a TCV of $30 million or more. The full-year order book rose by over 16% to $4.6 billion, compared to $3.9 billion in FY23.

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