Wipro Ltd on Saturday said it will fully acquire LD Waxsons Group, a Singapore-based fast moving consumer goods (FMCG) company for an all cash consideration of about $144 million (nearly Rs 790 crore).
Trading in the equity market this week will be highly influenced by a host of important triggers, with quarterly earnings from IT majors TCS, Wipro, and domestic inflation and IIP data taking the centre stage in dictating the movement in equities, analysts said. Besides, global factors and trading activity of foreign investors will also drive markets. "We are approaching the first quarter earnings season, with HCL Tech, TCS and Wipro set to report their earnings this week.
'Today's engineering graduates have to learn the skills to solve problems which is actually a higher order skill.'
The government on Monday approved the proposals of Reliance Industries, Wipro, Hewlett Packard and Biocon to set up Special Economic Zones -- a move that is expected to generate at least 67,000 jobs by March 2006.
Concerns have been raised over rising unemployment in the US and Obama's visit to India was expected to see issues around outsourcing being discussed.
The announcement coincides with the visit of Mexican President Felipe Caldern Hinojosa to Bangalore as part of his official four-day India tour.
Housing Development Finance Corporation has divested its entire stake in the Bermuda-based Spectramind for Rs 26.4 crore to Wipro.
The awards were given by the UN's body on women for their work on principles of women's empowerment and helping champion gender equality.
Ironically, the Bangalore-based company had established itself as a major Information Technology powerhouse leveraging India's low-cost high-skilled manpower.
Analysts expect Wipro's revenue to grow 17 per cent this financial year, largely in line with its FY12 performance. Profits are expected to grow 14 per cent, compared to FY12.
In the Sensex pack, HCLTech rose the maximum by 3.12 per cent, followed by ITC which gained 2.73 per cent and M&M went up 2.61 per cent. TCS climbed 2.44 per cent. Tech Mahindra, Wipro, L&T and Maruti were among the other major gainers.
The decision regarding this was taken by the Board of Approval in its meeting on September 18.
Infosys has received a tax demand of Rs 341 crore for assessment year 2020-21 from the Income Tax Department, the IT services company said on Monday adding it is evaluating filing an appeal against the said order. The Bengaluru-headquartered company said it is in the process of evaluating the impact of the order on its financial statements for the quarter and year ending March 31, 2024. Infosys also said it is evaluating filing an appeal against this order.
The company had a net profit of Rs 1,318.8 crore (Rs 13.18 billion) in the corresponding quarter of the previous fiscal, Wipro said in a filing to the BSE.
The scope of services includes the suite of IT infrastructure and applications across the enterprise.
Commercial vehicle manufacturer Eicher Motors said on Monday it had tied-up with Wipro Infrastructure Engineering to source hydraulic tipping kits for its new range of tippers.
India's top technology companies will witness a tepid revenue expansion in the third quarter (October - December) of the current financial year (Q3FY24) - along expected lines - on the back of furloughs and no blockbuster deals, even as the momentum gained from Generative AI (GenAI) is likely to take centre stage. IT services and consulting firm Accenture's first quarter numbers in FY24 showed a significant pick up in GenAI spending. It signed new bookings to the tune of $450 million in this space, a surge from the $300 million signed in the whole of FY23.
Wipro's IT Business crosses $3 billion in FY 06-07;
Aim is to drive accountability and bring the organisation closer to the client.
T K Kurien talks on the outlook for the next year, the slow growth in the retail vertical and initiatives to introduce automation.
So far, all three have launched their own initiatives to train teachers and students in information technology. While Infosys BPO has Project Genesis to train faculty, which in turn teaches students, Wipro recently launched a similar programme called Mission 10x.
This is evident in the firm's client addition and mining abilities, and also in its ability to stabilise employee attrition.
"Outlook for wages and salaries... given the current scenario, we have no plans for increase in the course of the year," the Bangalore-headquartered, New York Stock Exchange-listed company's executive vice-president, Pratik Kumar said. On campus hiring in the current fiscal, he said the company would visit the colleges (only) in January-March (unlike previous years when they selected students a year before they got the degree) but gave no firm numbers.
The Nifty IT index rose by 5.14 per cent on Friday (January 12), marking its best performance in a day since July 2020, followed by another 1.9 per cent rally on Monday. With this, the index, which tracks the share prices of India's 10 biggest information technology (IT) services companies, has increased 7.1 per cent in the past two sessions. However, the substantial rally in the index occurred at a time when India's four largest IT companies reported their worst quarterly performance in over five years.
'Jobs openings are scarce, but these companies are either hiring or laying off relatively few workers,' Forbes said. The magazine noted that technology and service firms dominate the 'list of job creators.' These firms are among the world's 2000 biggest companies compiled by Forbes and the league is topped by American industrial conglomerate General Electric. It also includes 47 Indian entities.
Software major Wipro on Friday posted a net profit of Rs 411.70 crore (Rs 4.117 billion) for the second quarter ending September 30, up by 79 per cent over Rs 230.20 crore (Rs 2.302 billion) reported during the same period last year.
Wipro Infotech, the India and West Asian IT business of Wipro, aims to use its data centre platform to offer a host of services, including cloud computing and software as a service (SaaS) on a pay-per-use model, Anand Sankaran, senior vice-president told Business Standard.
'We are looking at the next target which is to be a $1 billion ARR firm in the next 4-5 years.'
Wipro on Friday said it has employed 30 cost-cutting measures, especially in the area of operational efficiency, to tackle the current downturn.
Azim Premji, chairman of Wipro, met the chief minister and formally accepted the plot offered in New Town Rajarhat, on the north-eastern fringes of this city.
IT services firm Infosys on Thursday reported an 11 per cent rise in consolidated net profit in June quarter at Rs 5,945 crore, but lowered full year growth outlook to 1-3.5 per cent amid macro uncertainties. The net profit (before minority interest) during the same period previous year stood at Rs 5,362 crore.
IT major Wipro understands clearly the difference between a bribe and 'facilitating payment' and is not averse to giving gifts "in the normal course of business" provided that these do not exceed $50.
