Wipro share price rises on announcement of strategic partnership with ABB

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The agreement, worth over $ 150 million, will help ABB’s Information Systems deliver enhanced, consumer-grade digital experiences for its 105,000 employees in over 100 countries.

Wipro

Wipro

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Wipro share price rose in the early trade on February 17, a day after it was announced as the strategic transformation partner by ABB.

Wipro has been awarded a five-year strategic engagement to drive transformation for ABB’s Information Systems digital workplace services, company said in its release.

The agreement, worth over $ 150 million, will help ABB’s Information Systems deliver enhanced, consumer-grade digital experiences for its 105,000 employees in over 100 countries.

The new partnership between ABB and Wipro builds on an existing digital workplace transformation engagement, which has driven a significant increase in employee satisfaction at ABB, it added.

“ABB is a great example of a business looking to unlock the power of technology to transform. As ABB’s strategic partner we will be driving a forward-looking roadmap that leverages our experience and knowledge of ABB to-date and brings to bear the best of digital and technology transformation practices,” said Pierre Bruno, CEO, Europe, Wipro.

“We share a goal of elevating the end user experience and ultimately making a positive impact in the lives of ABB’s employees through Digital Workplace Services. I’m proud of the part Wipro Europe will play in achieving these goals,” Pierre Bruno added.

Wipro had reported a net profit of Rs 2,970 crore in the fiscal third-quarter (Q3 2021-22), which is higher than Rs 2,931 crore reported in the quarter ending on September 30.

The company had reported a profit of Rs 2,968 crore in the year-ago period.

The revenue in Q3 FY22 came in at Rs 20,432.3 crore, which is higher than Rs 19,667 crore reported in the previous quarter.

The earnings before interest and taxes (EBIT) for Q3 FY22 came in at Rs 3,553.5 crore, as compared to Rs 3,560 crore estimated in the CNBC-TV18 poll.

At 09:34 hrs, Wipro was quoting at Rs 565.45, up Rs 1.20, or 0.21 percent on the BSE.