Wipro gains for seventh straight trading day; stock up 16% in one month

Shares of Wipro were up for the seventh straight day, rising to Rs 322, up 1% on the BSE.

In past three trading days, the stock has risen 4% after the information technology (IT) services firm on Sunday announced that it has won its largest contract to date from US-based human resources (HR) and financial solutions company Alight Solutions LLC. The stock hit a high of Rs 328 during intra-day trade on Monday, September 3, 2018.

The deal will fetch it around $1.6 billion in revenue over 10 years. The contract follows the two companies’ strategic alliance announced in July. As part of that, Wipro had announced investing $117 million in Alight and acquiring its captive India unit.

Wipro has outperformed the market by surging 16% in past one month, as compared to 1% rise in the S&P BSE Sensex. It trading close to its 52-week high of Rs 335 touched on January 16, 2018.

At 02:34 pm; the stock was quoting 0.83% higher at Rs 321 on the BSE. A combined 8.89 million equity shares changed hands on the counter on the BSE and NSE so far.