Wipro shares gain 5% after ADRs surge 20% overnight; Here's what it told the exchanges

The US-listed shares of Bengaluru-based technology services provider Wipro Ltd. surged as much as 20% in Wall Street trading on Thursday, May 28. This is the biggest single-day gain that the US-listed entity has seen since October 2008. The ADR has also gained in eight out of the last 10 trading sessions.

In response, the Indian-listed entity has gained 5% in early trading on Friday, May 29.

Wipro made an announcement to the stock exchanges regarding its partnership with ServiceNow on Thursday. The Indian entity could not react to the same since Thursday was a trading holiday.

Partnership With ServiceNow

Wipro has announced an expanded partnership with ServiceNow to implement and scale agentic AI workflows across core enterprise functions. The collaboration aims to reduce manual coordination, improve operational visibility, and accelerate execution at enterprise scale.

Scope Of The Partnership

At the core of the deal is the integration of Wipro Intelligence™, which is Wipro's unified suite of AI-powered platforms and solutions, with the ServiceNow AI Platform. Together, they enable organizations to streamline the initiation, orchestration, and execution of work across enterprise systems, while building in policy-aligned governance and auditability.

Here's what the collaboration entails:

Reduces bottlenecks across the procurement value chain
Speeds up issue resolution and improves service quality in the telecom space
Strengthens security operations by improving vulnerability and incident response workflows across cybersecurity value chain

"Our expanded partnership with ServiceNow is designed to bridge that gap through a consulting-led, AI-powered approach that translates business priorities into industry-aligned AI solutions," Malay Joshi, CEO of Wipro's Americas 1 Strategic Market Unit said.

Key Benefits

A unified experience for submitting and managing work requests across enterprise functions
Policy-aligned execution with governance and auditability built directly into workflow design
Improved cycle times by eliminating manual coordination and unnecessary handoffs
Clear operational visibility into status, ownership, and process completion across the business

Buyback Record Date

Wipro's Indian listed shares also had an eight-day winning streak recently before the stock ended lower on Wednesday. The company is also in the news ahead of the record date for its share buyback, which has been fixed for June 5. Those who own the US-listed shares can also participate in the share buyback.

Wipro's ADR has risen by 31% over the last 10 trading sessions. It must be noted that the ADRs are not as liquid as the Indian listed entity is.