Wipro wins contract from Toronto Airports; shares up

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Moneycontrol BureauShares of Wipro gained 1 percent intraday Thursday on the back of contract win from Greater Toronto Airports Authority (GTAA). However, it had declined as much as 7 percent intraday on Wednesday dragged by weak second quarter guidance  and growth concerns.Meanwhile, GTAA has entered in to a seven-year strategic IT and business transformation partnership with the company.GTAA operates Toronto Pearson International Airports, the largest airport in Canada and the second largest in North America in terms of international traffic.The company was selected as the finalist vendor following a competitive process.Xavier Diniz, Country Head - Canada of Wipro said, "The company will leverage its innovation lab to provide access to advanced technologies such as digital, artificial intelligence, cognitive computing, big data and security technologies."The company's first quarter (April-June) consolidated net profit fell 8.3 percent sequentially to Rs 2,051.9 crore due to restructuring in some of the clients.Its revenue on a consolidated basis declined 0.3 percent to Rs 13,697.6 crore, while operating profit slipped 5.5 percent and margin contracted by 109 basis points on quarter-on-quarter basis.On Wednesday the company's ADR closed with a gain of 3.89 percent at USD 11.47.At 09:34 hrs Wipro was quoting at Rs 544.10, up Rs 5.50, or 1.02 percent on the BSE.Posted by Rakesh Patil