Wipro Shares Hit Day’s High: IT Giant Invests in FPEL Ujwal Renewable Energy

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Wipro Goes Green: Shares Reach Day’s High with Renewable Energy Investment

Wipro Ltd, an Indian multinational corporation, is a leading player in the IT services sector. The company provides information technology, consulting, and business process services. Wipro’s capabilities span across cloud computing, computer security, digital transformation, artificial intelligence, robotics, data analytics, and other technology consulting services to customers in 167 countries. The company was incorporated on December 29, 1945, and has its headquarters on Sarjapur Road in Bangalore.

On October 11, Wipro Ltd saw its shares surge over 3 percent. This surge was triggered by the company’s completion of its subscription to the equity share capital of FPEL Ujwal, a renewable energy company.

Investing in the Future: Wipro’s Strategic Move

Wipro’s investment in FPEL Ujwal is part of a definitive agreement signed on September 1. As part of this agreement, Wipro subscribed to a 9.5 percent stake in the renewable energy company. FPEL Ujwal is engaged in developing, building, and managing a portfolio of solar power assets. This strategic move aligns with Wipro’s commitment to enhancing the proportion of renewable energy usage for their offices in Karnataka.

The IT giant stated that this project is expected to help them move closer to their goal of becoming Net Zero by 2040 and achieving 100% renewable energy for purchased electricity by 2030.

Riding the Market Waves: WIPRO Performance and Volatility

Despite the Nifty 50’s growth of 14.8 percent over the past year, Wipro gained a mere 1.7 percent. However, over the past six months, Wipro shares have seen an increase of 12.71 percent. The firm’s one-year beta indicates high volatility for the counter. The Relative Strength Index (RSI) of 40.7 suggests that the stock is neither overbought nor oversold.

A Closer Look at Ownership: WIPRO Shareholding Pattern

As per the June quarter shareholding data, the promoters have maintained a steady 73 percent stake in the company over quarters. Foreign Institutional Investors (FIIs) own 6.5 percent while Domestic Institutional Investors (DIIs) hold 10.1 percent in the company. The public holds a stake of 10.3 percent.

In conclusion, Wipro Ltd’s recent surge in shares and its strategic investment in renewable energy reflect its commitment to sustainable growth and environmental responsibility.

Disclaimer: This blog post is for informational purposes only and should not be taken as investment advice.

“Wipro Ltd, Shares Surge, Renewable Energy, FPEL Ujwal, Net Zero by 2040, 100% Renewable Energy by 2030, Market Performance, Shareholding Pattern

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