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Wipro 5 years tie up with Thought Spot, stock gains over 1%

Wipro is one of India's leading IT service company. Recently it has won a five-year contract from ThoughSpot, a California-headquartered company. The contract was for offering software engineering services. Wipro has not reported the financial features of the IT deal. ThoughtSpot is an Artificial Intelligence-driven analytics platform that promotes exploration, research and analysis and distribution of real-time trading analytics data.

The shares of Wipro increased by 1.1% on the BSE in early trading. At 11:15 am, the shares had scalped some of their early gains and were at ₹ 343.70, up by 0.45%

Wipro said in a managerial filing that it will leverage its EngineeringNXT structure and Product POD (accelerated software output manufacturing design) to achieve software assistance. The solutions will aid ThoughtSpot to support their competitive advantage by expediting the launch of new releases, Wipro added.

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Harmeet Chauhan, senior vice president, Industrial & Engineering Services, Wipro, said, "This partnership is aligned with our efforts to enhance our Artificial Intelligence and Cloud ecosystem and build our growing footprint in the U.S." Wipro has not revealed monetary details of the IT deal with ThoughSpot.

Wipro has reported an up of 3.2% compared to the previous quarter along with a net profit of ₹2,466 crores in the quarter ended September 2020. The benchmark records were trading low at the time, with the BSE Sensex dropping28 points at 43,251.55 and the NSE Nifty obtaining 13 points at 12,643.25.