ManagementWipro sheds marginally despite new order hopes
Wipro finally shed marginally to close at Rs 506. The stock touched an intra-day low of Rs 487 and a high of Rs 509. The counter clocked a volume of 197,129 shares as against two-week average trades of 282,838 shares.
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Wipro has declined over 3% to Rs 493, despite being close to bagging a outsourcing deal worth Rs 1,500 crore with UAE-based Etisalat DB Telecom India.
The stock touched a low of Rs 492, after opening at a high of Rs 508. The counter saw trades of around 95,500 shares as against its two-week average traded quantity of 282,838 shares. However, the stock touched its life-time at Rs 522, on August 10 and it has zoomed over 28% from its month-ago close of Rs 385.
The UAE-based Etisalat holds 45% stake in Etisalat DB Telecom India. Under the agreement, Wipro will manage the IT infrastructure and services for Etisalat DB Telecom India,including setting up of servers, enterprise resource planning (ERP) suites and technology, computers and other software required for billing and customer care, among other things.