Wipro Limited - WIT STOCK NEWS

Wipro has extended its partnership with Marelli, a global automotive solutions leader, for four additional years. The project focuses on migrating Marelli's Milan Data Centre and local server rooms to the Cloud through Wipro FullStride Cloud services. This cloud transformation aims to centralize operations, provide a more agile ecosystem, and enable faster market response. The initiative includes implementing AI-powered virtual assistants for employee support, vulnerability management services, and comprehensive application maintenance. The modernization project is expected to generate significant operational savings and reduce time-to-market for Marelli's products and services.

Wipro announced the launch of its Google Gemini Experience Zone, a new facility where customers can explore Google's AI technologies and identify optimal generative AI use cases. The zone will be hosted at Wipro's Silicon Valley Innovation Center in Mountain View, with plans for a similar facility in Bengaluru. The initiative offers enterprises access to Google Gemini's Large Language Models, enabling testing of AI-driven use cases including natural language understanding, image generation, and predictive analytics. Through this partnership, Wipro will collaborate with businesses to develop industry-specific AI solutions across sectors like retail, healthcare, financial services, manufacturing, and telecommunications.

Wipro has announced a strategic partnership with RELEX Solutions to enhance retail and supply chain operations. The collaboration combines Wipro's expertise in retail and CPG sectors with RELEX's AI-based planning platform. The integrated solution aims to help retailers, wholesalers, and consumer goods companies optimize demand forecasting, merchandise planning, and supply chain management across their value chain. The platform offers comprehensive supply chain management capabilities, including demand prediction, availability planning, and real-time analytics to improve operational efficiency.

Wipro has announced a strategic collaboration with Microsoft and SAP to accelerate RISE with SAP migrations on the Microsoft Cloud. The partnership aims to provide clients with a 'Near Zero Cost Migration' through financial incentives, helping organizations transition from SAP S/4HANA to SAP S/4HANA Cloud ahead of SAP's 2027 support deadline for select on-premises systems. The collaboration leverages Wipro's digital transformation expertise, Microsoft's cloud infrastructure, and SAP's software capabilities to ensure seamless migrations while enhancing digital operations, efficiency, and customer experiences.

Wipro has released a report revealing that wealth management firms plan to more than double their AI budget allocation from 16% to 37% in the next 3-5 years. Based on a survey of 100 U.S. executives, the study shows that while all firms have begun adopting AI, only 44% use it extensively. Among extensive users, 73% report significant competitive advantages.

Key findings show that 77% of firms report improved decision-making with AI-driven analytics, and 76% note operational efficiency improvements. Risk management (53%) and research and analysis (45%) are the main areas disrupted by AI. However, challenges persist, with 62% of firms citing unclear regulatory guidelines and 68% prioritizing AI training and recruitment to address the skills gap.

Ericsson and Wipro have successfully transformed the billing experience for Odido's mobile customers in the Netherlands by migrating to the cloud-native Ericsson Billing platform hosted on AWS. The migration, completed in August 2024, transitioned 5 million customers over a single weekend, following the earlier transition of 700,000 Ben MVNO users in November 2023.

This transformation allows Odido to offer innovative 5G services, including the newly-launched Klik&Klaar fixed-wireless access (FWA) solution, with improved operational efficiency and customer experience. Wipro served as the end-to-end system integrator, working closely with Ericsson and Odido to design and implement the solution.

The new billing system provides Odido with a future-proof solution that enhances automation, improves billing accuracy, and enables efficient scaling of new services while reducing operating costs. This migration is a key step in Odido's strategy to deliver exceptional customer experience and monetize the growing demand for 5G services.

Wipro (NYSE: WIT) announced financial results for Q2 FY2025 ended September 30, 2024. Key highlights:

- Net income grew 6.8% QoQ and 21.3% YoY to Rs 32.1 billion ($383.1 million)

- IT Services revenue grew 1.3% QoQ to $2,660.1 million

- IT Services operating margin expanded 35 basis points QoQ to 16.8%

- Large deal bookings at $1.5 billion, highest in 10 quarters

- Total bookings at $3,561 million

- Operating cash flows at 132.3% of net income

- Voluntary attrition at 14.5% on trailing 12-month basis

- Board recommended 1:1 bonus share issue

Outlook for Q3 FY2025: IT Services revenue expected between $2,607-$2,660 million, translating to -2.0% to 0.0% sequential growth in constant currency.

Wipro (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, will announce its Q2 FY2025 results on October 17, 2024, after Indian stock market trading hours. The results will be available on the company's website. A conference call with senior management will follow at 7:00 PM IST (9:30 AM US Eastern time) to discuss the quarter's performance and answer questions.

Investors can submit questions by 6:30 PM IST. The call will be accessible via webcast and various dial-in numbers, including toll-free options for the US, UK, Singapore, and Hong Kong. A Diamond Pass™ service is available for quick access. The call replay will be available until October 24, 2024, through specified phone numbers and access codes.

Wipro (NYSE: WIT) has appointed Srikumar Rao as the new Global Head of its Engineering Edge Business Line, effective October 5, 2024. Rao, a 26-year Wipro veteran, succeeds Harmeet Chauhan and will report to CEO Srini Pallia. Previously serving as COO of Wipro Engineering Edge and Global Practice Head of Embedded Systems, Rao brings extensive experience in Engineering, Research, and Development (ER&D) services.

In his new role, Rao will focus on scaling Wipro's engineering capabilities, defining the vision for the ER&D Services business, and delivering AI-first products and solutions. His appointment underscores Wipro's commitment to internal talent development and client-centric approaches. Rao, a NASSCOM ER&D Executive Council member, will be based in Bengaluru, India.