Wipro gains on strategic partnership with NVIDIA for AI in healthcare

Shares of Wipro rose nearly 1 percent in early trade on November 22 on forging a partnership with NVIDIA for artificial intelligence in healthcare. At 10:29 am the Wipro stock was trading at Rs 402.24 on NSE.

IT major Wipro on November 21 announced a collaboration with NVIDIA to help healthcare companies accelerate the adoption of generative artificial intelligence (AI). Wipro will leverage NVIDIA’s AI software for enterprises for the production of AI across its current portfolio of healthcare solutions in the Affordable Care Act (ACA), Medicare, and Medicaid, the company said in a statement.

Follow our blog for all the market action

Wipro Enterprise Futuring President and Managing Partner Nagendra Bandaru said the collaboration will allow the companies to deliver AI-enabled innovation for the healthcare industry at scale and drive healthcare solutions with advanced computing capabilities.

Wipro stock call: Check brokerage views, target price

Brokerage firm KR Choksey in its November 3 report lowered its target price for the Wipro stock to Rs 391 against Rs 486 earlier.

“Wipro is currently trading at a valuation with a P/E multiple of 16.4x/14.7x on FY24E/FY25E earnings. Wipro is winning large transformation deals, benefitting from a consolidating market, and deepening relationships with existing clients,” the report further stated.

Post Q2 earnings, Nuvama Institutional Equities had reduced its target price to Rs 390 from Rs 400 earlier. Wipro’s muted Q2 performance and disappointing Q3 guidance reaffirm its troubles with converting deal wins into growth. The brokerage firm Nirmal Bang Institutional Equities reduced its target for the Wipro stock to Rs 353 from Rs 358 earlier.

Further, the integration of these technologies with Wipro’s Enterprise Generative AI (WeGA) framework will enable Wipro to co-develop and deploy custom models for speech and translation AI, as well as other LLMs.

Wipro stock performance

The Wipro stock has given a return of 3.02 percent over the last one year. The benchmark Nifty50 index has given a return of 8.44 percent over the same duration.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.