Wipro gains on entering into strategic alliance with Alberta-based ATCO

18 Jul 2014

Wipro is currently trading at Rs. 551.30, up by 13.45 points or 2.50% from its previous closing of Rs. 537.85 on the BSE.

The scrip opened at Rs. 542.00 and has touched a high and low of Rs. 549.90 and Rs. 542.00 respectively. So far 25,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 610.50 on 26-Feb-2014 and a 52 week low of Rs. 368.70 on 26-Jul-2013.

Last one week high and low of the scrip stood at Rs. 554.90 and Rs. 532.80 respectively. The current market cap of the company is Rs. 1,36,156.00 crore.

The promoters holding in the company stood at 73.44% while Institutions and Non-Institutions held 13.36% and 11.26% respectively.

Wipro, a leading global Information Technology, Consulting and Business Process Services company, has entered into a strategic alliance with Alberta-based ATCO, one of Canada’s premier corporations. As part of this alliance, Wipro will provide total outsourcing solutions to ATCO in Canada and Australia.

Wipro and ATCO have signed a series of Master Services Agreements under which Wipro will provide the complete suite of IT services to ATCO. The arrangement is projected to result in revenues of over CAD 120 million ($112 million) to Wipro annually, for the next ten years, up to December 2024.

Further, Wipro’s IT services delivery model will be further strengthened in North America and Australia by ATCO I-Tek, a subsidiary of ATCO with a presence in both these geographies, which will now become a part of Wipro for an all-cash consideration of CAD 210 million ($195 million). ATCO I-Tek has been providing IT Services to ATCO for the past 15 years.

Wipro is a leading provider of analytics and information management solutions - enabling customers to derive actionable business insights from data to drive growth, enhance cost management and strengthen risk management.

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