Shares of Wipro rose as much as 1.5 percent on Thursday after the technology company secured a five-year deal win to drive transformation for ABB’s Information Systems digital workplace services.

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At 9:24 am, shares of Wipro were trading 0.7 percent higher at Rs 568.40 on BSE. The stock has been gaining for the last three days and has risen about 5 percent during the period.

In the past three years, Wipro's stock zoomed 100 percent while benchmark Nifty50 gained 62 percent.

However, the technology stock has slumped 21 percent YTD in comparison to Nifty50's 0.4 percent rise during the same period.

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The agreement, worth over $150 million, will help ABB’s Information Systems deliver enhanced, consumer-grade digital experiences for its 105,000 employees in over 100 countries, Wipro said in an exchange filing.

“As ABB’s strategic partner we will be driving a forward-looking roadmap that leverages our experience and knowledge of ABB to date and brings to bear the best of digital and technology transformation practices,” said Pierre Bruno, CEO, Europe, Wipro.

Also Read | Tech stocks now a growth play, not merely a hedge: Market experts

Several market participants believe that IT stocks are one of the best sectors to stay heavily invested in for now, given the strong demand outlook and recent correction that gives confidence that there is potential upside left in some technology names.

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First Published:Feb 17, 2022 9:58 AM IST