Wipro gains in volatile trade after winning IT contract from Norwegian retailer

Wipro rose 0.14% to Rs 576 at 12:20 IST on BSE after the company said that it has won a five-year IT contract from Coop Norge Handel AS, a leading retailer in Norway, with a market share of 33% and over 1,500 stores.

The company made announcement before market hours today, 28 October 2015.

Meanwhile, the S&P BSE Sensex was down 150.61 points or 0.55% at 27,102.83.

On BSE, so far 22,234 shares were traded in the counter as against average daily volume of 86,937 shares in the past two weeks.

The stock was volatile. At the day's high of Rs 577.25, the stock rose 0.35%. At the day's low of Rs 569.90, the stock declined 0.92%. The stock hit a 52-week high of Rs 676.90 on 11 March 2015. The stock hit a 52-week low of Rs 512.55 on 24 April 2015.

The stock had underperformed the market over the past one month till 27 October 2015, falling 4.59% compared with 5.37% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 2.49% as against Sensex's 1.12% fall.

The large-cap company has an equity capital of Rs 493.99 crore. Face value per share is Rs 2.

Wipro said that as part of the agreement, Wipro will transform Coop Norge Handel AS (Coop Norge)'s enterprise SAP software landscape and upgrade the company's data center infrastructure, geared towards achieving superior performance. This IT engagement will benefit supply chain and distribution operations at the Norwegian retailer, among other functions. It will enable Coop Norge to strengthen its move towards a more efficient operating model with increased reach and availability.

Wipro's consolidated net profit rose 2.18% to Rs 2235.40 crore on 1.58% growth in net sales to Rs 12566.80 crore in Q2 September 2015 over Q1 June 2015.

Wipro is one of the leading IT services provider.

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