Wipro Refutes Reports Of Bagging Multi-Million Dollar Contract With Standard Chartered

In a recent regulatory filing, Wipro has categorically denied the rumours of securing a multi-million dollar deal with Standard Chartered.

What Happened: On Tuesday, Wipro issued a response to an article published in Mint’s online edition on June 16, 2024, which suggested that the IT behemoth had landed a lucrative contract from Standard Chartered. The company stated unequivocally that the information in the article was not accurate, and was “based on rumour and speculation.”

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Why It Matters: The article published in Mint on June 16 claimed that Wipro had won a major IT outsourcing contract from London-based Standard Chartered Plc. This was touted as the second significant contract win under the new CEO, Srinivas Pallia. The three-year contract was said to generate over $50 million in annual revenue for Wipro, according to the article.

The deal was said to include Wipro handling Standard Chartered’s data transformation work and IT infrastructure, with a digital aspect to it as well.

Wipro’s share price went up over 3% on Tuesday making it one of the top gainers on the Nifty50 index. This surge followed the company’s announcement of an extended partnership with the US clothing brand Hanesbrands and a new collaboration with the financial services company GBST.

Price Action: Wipro’s share price was up 3.01% to close at ₹491.85 on Tuesday.

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