Shares of Wipro gained close to 2% to day's high of Rs. 349.5 apiece in October 20, 2020 trade. This is after the IT major has been awarded a 5-year Application Management (AMS) and Service Integration & Management (SIAM) contract from Finland based Fortum.
As part of the five-year agreement, Wipro will manage Fortum's application portfolio across hundreds of applications for more than 11,500 users across 18 countries and provide 24/7 support for business-critical applications.
The company will capitalize on its artificial intelligence and automation platform capabilities, Wipro HOLMES, for enabling process automation to provide improved end-user experience. Additionally, Wipro's SIAM or Service Integration & Management transformation solution would facilitate Fortum in consolidating as well as governing its multi-supplier eco-system.
Fortum is a Europe-based energy entity with operations in over 40 nations. The company provides its customers with gas, electricity, cooling, heating and other smart solutions for improving performance of resources.
Wipro on a sequential basis logged 3.2 percent increase in consolidated profit for the quarter ended September 2020. The revenue of the company in rupee terms also surged by 1.2 percent to Rs 14,768.1 crore for the period under review.
Also, Wipro announced a Rs. 9500 crore share buyback as part of which it plans to buyback 23.75 crore equity shares, equating to 4.16 percent of the paid-up equity from the company's shareholders via the tender offer route.