WIT gains follow a INR 15,000 crore share buyback and expanded AI collaboration with ServiceNow to automate enterprise workflows.
Wipro Limited (NYSE:WIT) shares surged over 16% in the past 30 days, driven by a INR 15,000 crore ($1.8 billion) share buyback program and a strategic partnership with ServiceNow. The expanded collaboration integrates Wipro’s Intelligence platform with ServiceNow’s AI tools to enhance workflow automation across IT, HR, procurement, and cybersecurity for enterprise clients.
The deal arrives as Indian IT firms face pressure from rapid AI advancements and competition from OpenAI in enterprise services. Wipro’s valuation remains discounted, trading at a price-to-earnings ratio of 14.7 compared to the sector average of 24.9. The partnership aims to accelerate AI adoption while improving operational efficiency for businesses.
Management highlighted the initiative as a response to growing demand for scalable AI solutions amid industry disruption. The buyback and AI deal signal confidence in long-term growth despite near-term challenges in traditional outsourcing services.