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Technology services and consulting company Wipro has been picked by Mazda Motor Logistics Europe for a five-year, multi-million dollar deal. The deal pertains to delivering next generation managed services for its entire application landscape.

The strategic relationship with Wipro will help industrialise Mazda IT, digitise processes, and also infuse state-of-the-art tools to drive automation.

Wipro will implement a high-performance operating model with new ways of working, integrating support and development functions to help accelerate Mazda's 2030 vision.

"In addition, this win is also a validation of Wipro’s focus on Belgium as a key growth market and our ambition to be a partner of choice in the Belgian market," the company said in a stock exchange filing.

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Additionally, Wipro also signed a multi-year digital transformation partnership with Finastra, a global provider of financial software applications. This deal pertains to driving the digital transformation for corporate banks in the middle-east.

Financial details of this multi-year agreement were not disclosed.

This deal will make Wipro the exclusive implementation and go-to-market partner to deploy Finastra's trade finance solutions in the middle east.

Along with Finastra's product suite, Wipro will help banks transform and digitise their entire trade finance process, thereby enabling automation, optimisation, faster time-to-market and reduce customer response times.

On December 9, broking firm JM Financial initiated coverage on Wipro with a buy rating and a price target of Rs 480 citing a trough in margin and a sharp valuation correction making it a good entry point to play the re-rating theme.

"Though we are cognisant that Wipro’s valuation discount in the past has given false hope to the market, we believe that this time it is different," the note said.

Wipro's shares ended 1.2 percent lower on Thursday before the news was announced. The stock is down 45 percent this year, making it one of the top losers on the Nifty 50 index in 2022.

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