Wipro Secures $500 Million Deal with Leading US Communication Service Provider
Friday, 07 June 2024, 10:30 IST
IT services giant Wipro has clinched a significant $500 million deal with a major US communication service provider. Announced , the agreement will see Wipro deliver managed services and industry-specific solutions over a five-year period.
In its stock exchange filing, Wipro disclosed the deal but did not reveal the name of the US-based client. The contract encompasses managed services for certain products, indicating a strategic partnership aimed at leveraging Wipro's expertise in IT and telecommunications solutions.
"Wipro has been awarded a $500 million deal by a leading US Communication Service Provider", the company stated in the filing. This long-term engagement underscores Wipro's robust capabilities in managing complex IT services for global clients.
Following the announcement, Wipro's shares saw a 2% rise, closing at Rs 461.6 apiece , reflecting investor optimism about the company's growth prospects and strategic initiatives.
In other developments, Wipro recently faced a shareholder revolt over the cash severance package awarded to former CEO Thierry Delaporte. According to a regulatory filing, over three-fourths of Wipro's public shareholders voted against the $4.33 million cash severance proposed for Delaporte, who resigned as Managing Director and CEO on April 6. The significant opposition, with nearly 80% voting against the compensation, highlights shareholder concerns over executive payouts.
Meanwhile, Adani Ports and Special Economic Zone (SEZ) is set to replace Wipro in the BSE Sensex from June 24, following a benchmark index reshuffle by BSE. This adjustment reflects ongoing changes in market dynamics and the relative performance of listed companies.
The recent developments mark a pivotal phase for Wipro as it navigates new business opportunities and shareholder sentiment, positioning itself for future growth and industry leadership.
In its stock exchange filing, Wipro disclosed the deal but did not reveal the name of the US-based client. The contract encompasses managed services for certain products, indicating a strategic partnership aimed at leveraging Wipro's expertise in IT and telecommunications solutions.
"Wipro has been awarded a $500 million deal by a leading US Communication Service Provider", the company stated in the filing. This long-term engagement underscores Wipro's robust capabilities in managing complex IT services for global clients.
Following the announcement, Wipro's shares saw a 2% rise, closing at Rs 461.6 apiece , reflecting investor optimism about the company's growth prospects and strategic initiatives.
In other developments, Wipro recently faced a shareholder revolt over the cash severance package awarded to former CEO Thierry Delaporte. According to a regulatory filing, over three-fourths of Wipro's public shareholders voted against the $4.33 million cash severance proposed for Delaporte, who resigned as Managing Director and CEO on April 6. The significant opposition, with nearly 80% voting against the compensation, highlights shareholder concerns over executive payouts.
Meanwhile, Adani Ports and Special Economic Zone (SEZ) is set to replace Wipro in the BSE Sensex from June 24, following a benchmark index reshuffle by BSE. This adjustment reflects ongoing changes in market dynamics and the relative performance of listed companies.
The recent developments mark a pivotal phase for Wipro as it navigates new business opportunities and shareholder sentiment, positioning itself for future growth and industry leadership.
