Why Indian IT Major Wipro Shares Are Trading Higher Today

Wipro Limited WIT shares are trading higher after the company announced that it penned an agreement with Desjardins to modernize consumer banking services using its NetOxygen platform.

As per the deal, Wipro Gallagher Solutions’ (WGS), a Wipro Company and provider of cloud-based Loan Origination Systems (LOS), flagship NetOxygen solution will integrate and manage Desjardins’ multiple in-house and legacy systems to bring all their Loan Origination Systems into one platform.

The program will improve customer experience, efficiency gains, and cost savings and will provide Desjardins members and clients with a convenient digital lending experience accessible seamlessly.

Kim Watson, President & Managing Director, Wipro Solutions Canada Limited, said: “We are excited about the prospects that this project holds for the future of lending services, harnessing NetOxygen’s cutting-edge digital capabilities. Transforming Desjardins’ consumer banking services will enable them to better serve their customers and simplify their processes to realize their ambitions.” 

This week, the Indian IT major also expanded its partnership with Nutanix, Inc. NTNX to launch a new Nutanix business unit.

In January 2024, Wipro reported a fourth-quarter FY23 gross revenue decline of 1.4% on quarter, with IT services segment revenue down 2.1% Q/Q.

Price Action: WIT shares are up 2.08% at $6.14 on the last check Thursday.

Image: Shutterstock/ Sundry Photography