Wipro shares increase after the IT giant buys a 9.95% stake in FPEL Ujwal

11 Oct 2023 , 01:54 PM

A day after completing the purchase of 9.95% of FPEL Ujwal, a firm involved in the business of developing, constructing, and managing a portfolio of solar power assets, Wipro shares rose on Wednesday. 

The price of Wipro’s shares increased on the BSE by as much as Rs 16.2, or 4%, to Rs 423.8 per share, gaining for a second straight day and closing in on the 52-week high reached last month by just Rs 20. 

The stock of Wipro, the fourth-largest IT business in the nation by market capitalization, was trading well in the green at noon on the stock exchange with a gain of 3.4% at Rs 421.5 per share.

Wipro signed a legally binding contract on September 1, 2023, to purchase equity share capital in FPEL Ujwal. According to Wipro, the goal of the acquisition was to increase the share of renewable energy used at its offices in Karnataka. The acquisition price was Rs 6.3 crore. 

On October 18, Wipro is slated to release its financial results for the second quarter of the current fiscal year.

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