Wipro stock rises 8% on back of $1.5 billion deal from Alight Solutions

Stock's underperformance, discount to peers expected to ease as software major catches up on revenue growth

The Wipro stock gained as much as 8.5 per cent intra-day on Monday, its highest such gain in five years. This was after the company announced on Sunday that it had bagged its largest order, worth $1.5 billion (Rs 106 billion) from US-based Alight Solutions. The 10-year order would translate to an incremental $150 million (Rs 10.6 billion) annually over the contract period. This is two per cent of the current revenue.

Wipro will offer digital solutions for Alight’s operations, including segments of health, wealth, cloud HR and finance. The deal comes barely a month after Wipro had bought Alight