Wipro gains after bagging deal from Saudi Electricity Company

Wipro rose 0.98% to Rs 573.35 at 9:36 IST on BSE after the company said it bagged a contract from Saudi Electricity Company.

The announcement was made after market hours on Monday, 15 September 2014.

Meanwhile, the BSE Sensex was down 27.87 points, or 0.10%, to 26,788.69.

On BSE, so far 16,000 shares were traded in the counter, compared with an average volume of 1.18 lakh shares in the past one quarter.

The stock hit a high of Rs 574 and a low of Rs 568.60 so far during the day. The stock hit a 52-week high of Rs 610.50 on 26 February 2014. The stock hit a 52-week low of Rs 447 on 16 September 2013.

The stock had outperformed the market over the past one month till 15 September 2014, rising 4.05% compared with 2.73% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 7.33% as against Sensex's 6.30% rise.

The large-cap company has an equity capital of Rs 493.53 crore. Face value per share is Rs 2.

Wipro announced that the company's joint-venture subsidiary, Wipro Arabia has on Monday, 15 September 2014, entered into a strategic partnership with Saudi-based Saudi Electricity Company (SEC), the largest power utility company in the Middle East serving approximately 5 million customers in the Kingdom of Saudi Arabia (KSA).

As part of this engagement, Wipro will implement and rollout the plant maintenance and project system functionality of the SAP ERP application for SEC's distribution business line across KSA. Once implemented, it is expected to enable the power utility company to have an integrated system that offers centralized and standardized processes across its plants. This will help ensure uptime of distribution networks, expense controls and effective utilization of assets.

Saudi Electricity Company is a merger of all Saudi electricity companies in the central, eastern, western and southern regions into a single joint stock company providing generation, transmission and distribution of safe and reliable electric services to customers in the Kingdom of Saudi Arabia.

On a consolidated basis, Wipro's net profit fell 5.53% to Rs 2103.20 crore on 3.55% fall in total income to Rs 11669.40 crore in Q1 June 2014 over Q4 March 2014.

Wipro is a leading Information Technology, Consulting and Business Process Services company that delivers solutions to enable its clients do business better.

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