The stock market continued to fall on Wednesday and Nifty also breached the level of 24200. Panic selling is happening in the market right now and investors are looking for a support level where the market may stop for a while.

However, even in this decline, the shares of IT giant company Wipro are swaying from the Nifty 50 pack. Shares of Wipro Ltd rose by 1.50% on Wednesday to reach the level of Rs 313.20. Wipro's share price is making a splash at a time when the benchmark indices Sensex and Nifty are seeing a decline of 0.65 percent and 0.60 percent respectively.

Acquired American company Applied Value Tech

IT sector giant Wipro struck a deal with US-based company Applied Value Tech, due to which Wipro shares rose by one per cent to Rs 312 on Tuesday, December 17, 2024. After this, its share price also saw a rise of 1.50% on December 18, 2024.

This rise in Wipro's stock came after the company announced a deal to buy 100 percent shareholding in Applied Value Technologies and its subsidiaries Applied Value Technologies Private Limited and Applied Value Technologies BV.

The purchase is expected to strengthen Wipro's existing application service capacity and create new development opportunities. The deal includes a cash buy, with a delayed earnout on the achievement of certain performance metrics. The transaction is expected to be completed by December 31, 2024.

Morgan Stanley has maintained an 'underweight' rating on Wipro. However, the share price is trading at a high level. The brokerage views Wipro's latest Applied Value Tech acquisition as relatively small, after the Capco (2021) and Rising (2022) acquisitions. While the acquisition is expected to enhance Wipro's capabilities and add key clients to its portfolio, its small scale is likely to have limited financial impact in FY25 and FY26.

US-based Applied Value Technologies provides enterprise application development and support services. The company's consolidated revenue has seen significant growth, growing from $0.8 million in 2021 to $19.4 million in 2023.