Wipro’s stock increased 1% to reach a new 52-week high of Rs 596 per share on 27 November following the IT services provider’s $100 million four-year contract renewal with Italy-based Marelli, a world leader in automotive solutions.

In addition to improving operational effectiveness, encouraging innovation, and accelerating time-to-market for their goods and services, the expanded collaboration seeks to propel Marelli’s cloud transformation.

As part of the project, Wipro’s FullStride Cloud Services will be crucial in moving Marelli’s local server rooms and Milan Data Center to a centralised cloud architecture. By consolidating operations, Marelli will be able to react swiftly to market conditions and keep a competitive edge in the quickly changing automotive industry.

Wipro’s Managing Director for Southern Europe and Regional Head for Marelli, Graziella Neuvéglise, expressed excitement about the partnership and said, “We are excited to begin a new chapter in our strategic partnership with our trusted partner,Marelli. Our wide-ranging expertise alongside our deep understanding of their needs means we will deliver a modernisation program specifically tailored to their needs.”

Additionally, the initiative will streamline application maintenance services, strengthen security through vulnerability management, and improve employee support services using AI-powered virtual assistants. These programs are intended to promote long-term operational effectiveness and lessen the likelihood of future expensive rework.

Wipro shares surged by over 24% so far this year, surpassing the Nifty 50’s 10% increase over the same time frame.

However, at 2:22 pm, the shares of Wipro shed all their early gains and were trading 0.65% lower at Rs 585.15 on NSE.

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