Wipro surges 9% on winning over $1.5 billion deal from Alight Solutions

The stock surged 9% to Rs 328 after the Wipr on Sunday said that it has won its largest contract to date from US-based human resources (HR) and financial solutions company Alight Solutions LLC.

Shares of Wipro has surged 9% to Rs 328 on the BSE in early morning trade after the company on Sunday said that it has won its largest contract to date from US-based human resources (HR) and financial solutions company Alight Solutions LLC.

The stock was trading close to its 52-week high of Rs 335 touched on January 16, 2018, on the BSE in intra-day trade.

Wipro, a leading information technology (IT), consulting and business process services company, on September 2, 2018, announced that it has won a 10-year engagement to provide a comprehensive suite of solutions and services to Lincolnshire, Illinois-based Alight Solutions LLC, a leader in technology-enabled health, wealth, HR and finance solutions.

“This deal will result in revenues of $1.5 to $1.6 billion for Wipro over the tenure. This is Wipro’s largest win to date”, the company said in a press release.

This engagement will enable the digital transformation of Alight’s offerings across health, wealth, HR and finance solutions, and enhance the employee experience of Alight’s clients by leveraging Wipro’s industry-leading strengths in digital technologies, cognitive automation and data analytics, it added.

At 09:21 am; Wipro was trading 7% higher at Rs 322 on the BSE, as compared to 0.15% rise in the S&P BSE Sensex. The counter has seen huge trading volumes with the combined 5.47 million equity shares changed hands on the BSE and NSE in first 6 minutes of trading.