Wipro stocks: Wipro shares surged 5.5% to reach an intraday high of Rs 486.40 from its last close of Rs 461. The sharp increase in the company’s stock price followed the announcement of a significant deal worth $500 million with a prominent US Communication Service Provider.
According to a filing by the company to the stock exchange, Wipro will offer managed services for certain products and provide industry-specific solutions for a duration of five years as part of the deal. -Wipro stocks
Wipro’s stock has increased investors’ wealth by over 9% in the last five days, marking a significant gain. Over the past six months, it has risen nearly 16%, indicating a sustained upward trend. Moreover, Wipro’s shares have surged by more than 20% in the past year, and they are up by 1.5% considering the fact that the start of the year.
To put it in perspective, the benchmark index Nifty 50 has seen a modest increase of 0.3% in the last five days and has surged by over 11% in the past six months. Over the last year, the index has delivered a robust return of 24%, while from the beginning of the year, it has gained 7%.
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However, Wipro’s performance in the fourth quarter of FY24 showed a different trend. The company reported a 7.6% year-on-year drop in its consolidated net profit, which stood at Rs 2,858.20 cr compared to Rs 3,093.50 crore in the exact period a year ago. Similarly, its revenue from operations witnessed a decline of 4.23% year-on-year in Q4 of FY24, amounting to Rs 22,208.30 crore as opposed to Rs 23,190.30 crore in Q4 of FY23.
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