Stocks

Wipro bags five-year deal from Fortum; shares gain nearly 2%

Internet Desk | Updated on October 20, 2020

The stock, along with generating 40.21 per cent returns in the last one year has outperformed BSE 500 in the previous three years.

IT services major Wipro on Tuesday said it had bagged an application management (AMS) and services integration and management (SIAM) contract from Fortum, a clean-energy company headquartered in Espoo, Finland.

As a 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, a statement said.

No financial details of the deal were disclosed.

The shares of Wipro are rising for the second consecutive day and are trading 1.51 per cent higher at ₹348.45 on BSE.

Market-beating performance

The stock along with generating 40.21 per cent returns in the last one year, it has outperformed BSE 500 in the last three years.

Published on October 20, 2020

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