Wipro ADRs surge nearly 19% overnight; what sparked the sharp rally?

Data show that the Wipro ADRs settled 18.54% higher at $2.430 on the New York Stock Exchange (NYSE).

ADRs, or American Depositary Receipts, are financial instruments that allow US investors to buy shares of foreign companies — such as Wipro — on American stock exchanges without directly trading in foreign markets.

In simple terms, ADRs represent shares of a non-US company and trade in US dollars during Wall Street hours, making it easier for global companies to attract international investors.

What led to the sharp rally?

According to market participants and news reports, the ADRs rallied sharply following the company's latest business update.

On May 28, Wipro issued a press release announcing its expanded partnership with ServiceNow to implement and scale the impact of agentic AI workflows across core enterprise functions such as IT, HR, procurement, and cybersecurity.

Under this expanded partnership, Wipro will integrate Wipro Intelligence™, its unified suite of AI-powered platforms, solutions, and transformative offerings, with the ServiceNow AI Platform, enabling organizations to streamline the initiation, orchestration, and execution of work across enterprise systems.

By reducing manual coordination and improving visibility into how work progresses across core functions, enterprises can accelerate turnaround times while strengthening accountability and operational governance, the press release added.

Some of the Wipro Intelligence™ solutions that will leverage the ServiceNow AI Platform capabilities include:

• SmartProcure, which streamlines procurement workflows and improves cycle times through standardized intake, approvals, and execution.

• Telco Autonomous Networks, which modernise service operations by combining AI-enabled workflows with telecom-specific context to improve issue resolution.

• Cyber Transform, which strengthens security operations by improving vulnerability and incident response workflows and governance across the cybersecurity value chain.

What the companies said

“AI isn’t new to enterprises, but connected, governed, and outcome-driven AI is,” said Amit Zavery, President, Chief Operating Officer, and Chief Product Officer at ServiceNow. “That’s what this partnership makes real. When agentic AI runs inside secure workflows, ideas start delivering real results and the agentic enterprise becomes possible.”

Malay Joshi, Chief Executive Officer of Wipro’s Americas 1 Strategic Market Unit, said, “For most enterprises, the real challenge with AI is not ambition, but execution at scale. 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.”

The CEO added, “Together with Wipro Intelligence™, we are helping clients streamline operations, drive measurable outcomes, and scale AI adoption with the right governance and controls in place.”

About Wipro

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), the company says, is a leading AI-powered technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs.

"Leveraging our consulting-led approach and the Wipro Intelligence™ unified suite of AI-powered platforms, solutions, and transformative offerings, we help clients realise their boldest ambitions to build intelligent and sustainable businesses," the company says.