Shares of IT major Wipro surged more than 4% in early trade on Friday after the company announced an expanded strategic partnership with US-based software firm ServiceNow to deploy agentic AI workflows across key enterprise functions.
The stock rose as much as 4.76% to ₹211.20 on the BSE, making it one of the top gainers in the Nifty IT pack. At 9.25 am, Wipro shares were trading 3.42% higher at ₹208.50.
The rally followed a strong overnight performance in the United States, where Wipro's American Depositary Receipts (ADRs) jumped 18.54% on the New York Stock Exchange. During the session, the ADR gained more than 21% to touch an intraday high of $2.49.
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AI partnership sparks buying interest
Investor sentiment received a boost after Wipro announced a broader collaboration with ServiceNow aimed at helping enterprises integrate agentic AI into day-to-day operations.
Under the partnership, Wipro will combine its Wipro Intelligence platform, a suite of AI-powered tools and services — with the ServiceNow AI Platform to automate and streamline workflows across departments including IT, human resources, procurement and cybersecurity.
The initiative is expected to support organisations in managing and executing complex business processes more efficiently through AI-driven automation. Wipro said several of its existing offerings, including SmartProcure, Telco Autonomous Networks and Cyber Transform, will leverage capabilities available through the ServiceNow platform.
The announcement comes at a time when global technology companies are racing to build enterprise-focused AI products as demand for automation solutions continues to grow.
Buyback continues to support sentiment
Aside from the collaboration between the two companies, Wipro's continued buyback scheme has continued to play a crucial role in keeping investors engaged. The board of directors of Wipro cleared a ₹15,000-crore buyback deal where Wipro would buy back equity shares up to a maximum of 60 crore equity shares at ₹250 each.
The buyback amounts to over 5% of the company's shareholdings, and the decision has been met by significant interest among shareholders. June 5 has been set as the record date for shareholders who qualify to participate in the buyback exercise.
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Stock extends recovery
The gains registered on Friday have helped Wipro continue with the recovery trend, following two straight days of losses. The company had previously seen an eight-day winning streak run until May 25 as more and more investors grew confident about the company's AI business and buybacks.
In the coming days, any news regarding the partnership with ServiceNow and the progress of the buyback scheme is expected to influence Wipro's stock price movements.
{News Ei Samay does not provide investment advice anywhere. Investment and trading in the share market or any field involve risk. Proper study and expert advice are recommended beforehand. This news is published for educational and awareness purposes.}
