Wipro signs agreement to enhance usage of renewable energy, gains 2.5%

Wipro shares were trading near the day’s high in trade on October 11 as the IT services company completed its subscription to the equity share capital of FPEL Ujwal, a renewable energy company, for a total consideration of Rs 6.3 crore. Shares of Wipro were trading at Rs 418.20 at 10.15 a.m., on the NSE, up by 2.56 percent.

On September 1, Wipro signed a definitive agreement to subscribe to a 9.5 percent stake in FPEL Ujwal, which is engaged in the business of developing, building, and managing a portfolio of solar power assets. Wipro signed the agreement to enhance the proportion of usage of renewable energy for their offices in Karnataka. “This project is expected to help us move closer to our goal of becoming Net Zero by 2040 and 100% renewable energy for purchased electricity by 2030,” said the IT player in a statement.

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FPEL was incorporated on February 4, 2022, and is a special purpose vehicle formed by Fourth Partner Energy for the purpose of setting up a captive solar power project in Karnataka.

Wipro technical indicators, shareholding patterns

Compared to Nifty 50’s growth of 14.8 percent in one year, IT services major Wipro gained a mere 1.7 percent. Over the past six months, Wipro shares have gained 12.71 percent. The firm’s one-year beta indicated the counter sees high volatility, while the RSI of 40.7 showcased it was neither overbought nor oversold.

According to the June quarter shareholding data, the promoters maintained a 73 percent stake in the company over quarters. FIIs owned 6.5 percent while DIIs held 10.1 percent in the company. The public had a stake of 10.3 percent.

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