Wipro ADRs Rise 18% Following Expanded ServiceNow Partnership
Wipro Shares Surge 21 Percent Amid Expanded Partnership with ServiceNow
Bengaluru-based technology services provider Wipro Ltd.'s US-listed shares experienced a significant jump on Thursday, May 28, following the company's announcement of an expanded partnership with ServiceNow to implement and scale agentic AI workflows across core enterprise functions.
The company's American Depositary Receipt (ADR) rallied 21 percent intraday, settling up 18.54 percent at $2.43 on the New York Stock Exchange. This marked the biggest single-day gain for the US-listed entity since October 2008. The ADR has now risen in eight of the last 10 trading sessions and gained roughly 31 percent over those 10 sessions.
The surge in Wipro's shares was driven by the company's announcement that it will integrate Wipro Intelligence, its unified suite of AI-powered platforms and solutions, with the ServiceNow AI Platform. The collaboration aims to enable organizations to streamline initiation, orchestration, and execution of work across enterprise systems while embedding policy-aligned governance and auditability into workflow design.
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
The expanded partnership will deploy agentic AI workflows across IT, HR, procurement, and cybersecurity. Specific use cases include reducing bottlenecks across the procurement value chain, speeding issue resolution and improving service quality in telecom, and strengthening security operations by improving vulnerability and incident response workflows across the cybersecurity value chain.
Wipro's Indian-listed shares are also in the spotlight ahead of the record date for the company's Rs 15,000 crore share buyback, fixed for June 5. The buyback, which will see Wipro repurchase up to 60 crore equity shares (more than 5 percent of equity) at Rs 250 per share, is also available to ADR holders.
| Metric | Wipro's ADR Price (USD) | Percentage Change |
|---|---|---|
| Intraday Gain | $2.43 | 21% |
| Settlement | $2.43 | 18.54% |
| 10-Session Gain | 31% | - |
| 3-Month Gain | 9% | - |
| 6-Month Gain | -11% | - |
| 1-Year Gain | -16% | - |
In India, Wipro had seen an eight-day winning streak in its domestic listing before the stock ended lower on Wednesday, May 27, closing at Rs 201.6 on the BSE, down 1.1 percent that day. Over the last month, the ADR price has gained about 21 percent, and it has risen roughly 9 percent in three months; however, it remains down 11 percent over six months and 16 percent over one year.
Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
Investor Takeaway
Investors should be aware of Wipro's expanding partnership with ServiceNow, which may lead to increased demand for Wipro's services.
More in Market
Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
Indian Stocks to Watch: BHEL, Agarwal Industrial, JBM Auto, Rajesh Exports, Indian Energy Exchange, Lenskart Solutions in Market Focus on June 4.
