Stock to watch: IT major Wipro’s share price to be in focus on Thursday; Here’s why | Stock Market News

Stock to watch: Shares of leading information technology (IT) major Wipro will be in focus during tomorrow’s market session on Thursday, March 27, 2025. India’s fourth-largest software services giant announced today that it secured a 10-year contract worth 500 million pounds or $644.7 million from the British insurer Phoenix Group, the UK’s largest long-term savings and retirement biz.

Wipro announced the blockbuster mega deal in a regulatory filing to the stock exchanges on Wednesday, explaining that the project is designed to deliver life and pension business administration for the ReAssure business and accelerate the UK-based Phoenix Group’s daily operational transformations.

The deal marks Wipro’s second mega deal in the current fiscal year 2024-25 (FY25). Mega deals, which are typically worth more than $500 million, are key revenue drivers for IT services companies. In June 2024, Wipro announced a $500 million mega deal with a US-based communications service provider.

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Wipro wins 10-year contract from UK’s leading insurer

As per the deal’s contours, Wipro’s existing FCA-regulated entity, Wipro Financial Outsourcing Services Limited (WFOSL), will deliver comprehensive life and pension administration services to Phoenix Group’s ReAssure customers. As part of the “transformational” initiative, several Phoenix employees will transition to Wipro, but it did not divulge the exact numbers.

“Wipro Ltd, a leading technology services and consulting company, announced that it has won a £500 million, 10-year strategic deal with the Phoenix Group, the UK’s largest long-term savings and retirement business,” said the filing.

As part of the deal, Wipro explained that the services will cover policy administration, claim processing, customer service support, data management and reporting, compliance and regulatory support, and platform technologies.

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“Wipro’s expertise in technology and service makes them ideally placed to help us deliver outstanding service and value for our ReAssure customers on their journey to and through retirement. We are delighted to have them join us as one of our ecosystem of strategic partners for this phase of our transformation journey,” said Andy Briggs, CEO of the UK-based Phoenix Group.

As part of the engagement, Wipro said in its filing that it will manage the core policy administration ‘ALPHA’ platform, modernising it with AI, automation, cloud, and digital transformation technologies. This will ensure the platform is future-ready and delivers superior customer experiences for Phoenix Group policyholders.

Omkar Nisal, CEO—Europe, Wipro Limited, and Non-Executive Chairman of WFOSL, said the “landmark deal” further underscores the IT services company’s commitment to helping financial institutions deliver exceptional client experiences and cements its position as a key player in the Life and Pension Third-Party Administration (TPA) provider sector in the UK.

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“Wipro will strengthen its UK presence by establishing additional technology and operational service hubs. These hubs will be supported by a team of experts from Phoenix Group and Wipro, who will work collaboratively to enhance the customer experience further,” said Wipro in its exchange filing.

Wipro Share Price Trend

On Wednesday, shares of Wipro opened at ₹272 and dropped two per cent to hit an intraday low of ₹266.65, before settling 1.42 per cent lower at ₹267.25 apiece on the BSE. The software services giant commands a market cap of ₹2,79,860.34 crore.

In the last five sessions, Wipro’s share price has declined two per cent and tanked nearly 10 per cent in one month. Shares have shed 11 per cent on a year-to-date (YTD) basis. However, Wipro’s stock has gained 12 per cent in one year.

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