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Wipro Shares Jump 8 per cent After Winning $1.5 Billion US Deal

Emerging as a top gainer on both Sensex and Nifty today, the 8 per cent surge in Wipro’s shares came a day after it announced its winning $1.5 Billion deal from US based Alight Solutions LLC

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The stock indices of IT major Wipro soared over 8 per cent on Monday morning after the company announced its $1.5 Billion deal with US based Alight Solutions LLC for digital services on Sunday. The surge is Wipro’s biggest intraday gain since July 2013. The software major on Sunday had 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.

Wipro’s share price jumped by 8.74 per cent to an intraday high of Rs. 328 per share on BSE Sensex and up by 8.55 per cent of Rs. 327 on National Stock Exchange, and is the stock’s biggest intraday gain since July 2013.

The deal will result in revenues of USD $1.5 to $1.6 billion for Wipro over the tenure. This is the company’s largest win to date. 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.

“Our industry-leading partnership with Wipro will enhance our client experience by drawing on Wipro’s leading position in automation and innovation, while allowing Alight to invest in its health, wealth and cloud-based solutions to meet the needs of our clients,” said Chris Michalak, Chief Executive Officer, Alight Solutions.

Abidali Z. Neemuchwala, Chief Executive Officer and Executive Director, Wipro Limited said, “We are delighted to be chosen by Alight as their long-term strategic partner in their enterprise transformation journey to bring digital experiences and offerings to employees and employers globally. This is a testimony to the capabilities we have built through our strategic investments in Wipro Digital, cloud platforms and cognitive platform Wipro HOLMES™. We will leverage this expertise to digitalize and modernize Alight’s core across platforms, technologies and operations.”