Wipro forms strategic partnership with stainless steel player Outokumpu



Shares of Wipro are off the opening highs and trading near their 52-week low.

wealth desk

Software services exporter Wipro has announced a strategic agreement with Finnish stainless steel maker Outokumpu to accelerate the latter’s cloud transformation for applications.

The five-year strategic partnership will strengthen the existing eight-year alliance between Wipro and Outokumpu, which focuses on productivity and customer centricity.

Under the agreement, Wipro will help Outokumpu achieve its goal of becoming a sustainability-focused organization by providing a platform for the steelmaker’s enterprise and factory applications.

Additionally, this on-demand platform will reduce power consumption, thereby reducing the carbon footprint associated with Outokumpu’s IT infrastructure.

The deal marks another win for Wipro in Finland after winning a five-year contract from Finnish clean energy company Fortum in October 2020. The company also won a five-year contract from Nokia in July this year. year.

Outokumpu is a world leader in stainless steel and is known for adapting stainless steel into any form or for any purpose.

Shares of Wipro fell to a 52-week low last week after management comments on the December quarter disappointed analysts who cut their estimates on the stock. Management, during its quarterly results, reiterated that the company will experience double-digit growth in the current fiscal year.

Shares of Wipro are off the opening highs, currently trading up 1.6% at Rs 381, as of 09:45.


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