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Wipro signs a deal with Vodafone Essar
Wipro has signed a contract with Vodafone Essar to build and manage its fixed line
telecom service business. Wipro will provide a wide range of services, including network
design, network build, integration with existing IT OSS/BSS applications and managed
services of the setup over three years. In addition, Wipro will build an enterprise network
operating centre (NOC) to manage the operations of Vodafone Essar’s enterprise
customers. This deal would augur well for Wipro to expand its footprint in the telecom
service vertical, which currently contributes 8.2% to the company’s revenue. At the current
CMP of `435, the stock is trading at 17.5x FY2012E EPS of `24.8. We maintain an
Accumulate view on the stock with a Target Price of `465.
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