Wipro Technologies, an information technology and outsourcing company, is poised to acquire the IT arm of a major company in Germany.
To double revenues in four years; asks staff to 'think like a start-up', to brainstorm out-of-the-box ideas
Sources in the company said the company had already started appraisals to give the hike from October. The Azim Premji-owned company -- which also has interests in consumer care, lighting and engineering equipment -- usually gives salary hikes to its offshore employees in October and onsite employees in January.
Certain changes in the past two or three years could have a long-term structural impact on the IT services market.
In April 2008, Wipro's technology business saw one of its biggest churns in the wake of the appointment of Girish Paranjpe and Suresh Vaswani as joint CEOs under an experimental management structure devised by Chairman Azim Premji.
Here's a textbook case of how to win and keep a customer: It shows how the combination of relationship building and providing service that goes beyond the call of duty pays off for Wipro. The tale starts in 2003, just a few years after Germany's TUI (for Touristik Union International) AG, the world's largest travel company, was assembled through a series of acquisitions.
The financial services industry, especially banking, is in the midst of massive upgrade of existing IT set ups to cope with future regulatory and customer-driven online and mobile services, said Vijay Sharma, vice president & head domain & industry advisory services for banking, financial services and insurance.
Wipro has entered into a definitive agreement to acquire NerveWire, a Newton, Massachusetts based business and IT consulting company serving financial services clients, for approximately $18.7 million in cash, subject to adjustments.
Global IT Services and Products Profit before Interest and Tax (PBIT) was Rs 416 crores (Rs 4.2 billion).
In November last year, the Wipro board had approved the demerger of the non-IT businesses -- Wipro Consumer Care & Lighting (including furniture business), Wipro Infrastructure Engineering (hydraulics and water businesses) and Medical Diagnostic Product & Services business -- into a privately- held company to be named 'Wipro Enterprises Ltd'.
Among the Sensex shares, Infosys rose the most by 1.37 per cent, followed by Larsen & Toubro (0.90 per cent), and Wipro (0.83 per cent). HDFC Bank, ICICI Bank, Reliance Industries, ITC, TCS, Kotak Bank, Asian Paints and Titan were among the lead gainers.
In what is seen by many as a succession plan, Rishad Premji, eldest son of Wipro Ltd chairman Azim Premji, has joined the IT and FMCG major as a business development manager in a low-profile entry.
If the deal goes through, this would be the second largest deal for Wipro in the telecom space. Earlier in April, the IT major bagged a Rs 2,500-crore (Rs 25 billion) contract from another new operator, Unitech Wireless. Importantly, Wipro will be pipping seven other IT vendors, including IBM and Tech Mahindra, who were also in discussions with Etisalat, according to sources.
After considering all options, the company has decided to enter into a negotiation with the employees, given the challenging industry situation in telecom R&D.
Recent US border security legislation will double the H-1B and L-1 visa application fee from the present level of about $2,300 to about $4,300 per application.
IT major Wipro on Friday reported a 9 per cent rise in Q3 net profit at Rs 2,192.8 crore in Q3.
Wipro is close to setting up an IT park in Nagpur and is believed to have acquired 117 acres of land at the new special economic zone in the city.
Science graduates, non-science graduates and engineers, all are welcome.
Among major Sensex movers, ITC rose the most by 1.70 per cent, Wipro by 1.43 per cent, Tech Mahindra by 1.36 per cent and Nestle India by 1.27 per cent. Other gainers included HCL Tech, Asian Paints and Reliance. On the other hand, ICICI Bank, NTPC, UltraTech Cement and Tata Steel traded with a loss of up to 0.82 per cent.
Wipro Technologies on Monday announced the successful implementation of an e-Ticketing solution for easyCinema, a new venture of the Europe-based easyGroup.
IT major also looking at acquisitions in Germany and Canada.
On the back of growing clout of the Indian IT sector, domestic giants Tata Consultancy Services, Infosys and Wipro may soon join the league of top 10 most valued firms globally in terms of market capitalisation in the next 2-3 years.
Rating agency Standard & Poor's on Friday revised upwards the long-term corporate credit ratings of software majors TCS, Infosys and Wipro to 'A' from 'BBB+.'
Wipro has entered into a definitive agreement to acquire Oki Techno Centre Singapore Pte Ltd (OTCS), a wholly-owned subsidiary of OKI Electric Industry Co Ltd.
The project involves building a network around a dozen secured centres, each priced at pound 250 mn.
As much as Rs 47,810 crore was spent on share buybacks by 48 companies in 2023 -- the highest amount since 2017. This surge in value was largely driven by a few large-sized issues, including those by Tata Consultancy Services (Rs 17,000 crore), Larsen & Toubro (Rs 10,000 crore), and Wipro (Rs 12,000 crore). In 2022, 58 companies had repurchased shares worth Rs 38,305 crore, according to data from Prime Database.
The two company spent about over Rs 3.15 crore.
Analysts said the transition period at Infosys and Wipro have given an opportunity to TCS and Cognizant to increase their lead.
The company plans to set up a new IT park near Kolkata and recently the company's Chairman, Azim Premji, had signed an agreement with the state government to acquire additional land.
During his visit to Oman, Premji said it is potentially a very important market.
An analysis of buy and sell transactions by mutual funds during May shows that the fund houses purchased stocks from sectors like power, software, housing finance and sugar, while offloading shares from banking, refineries and airlines. According to brokerage firm Sharekhan, state-run NTPC, ONGC, TCS, Essar Oil and Reliance Petroleum figure among the favourite picks by the equity funds in the month of May.
Jumbo Group company, Shaw Wallace & Co has requisitioned Wipro Ltd to evolve an IT roadmap aimed at incorporating cutting business applications and business intelligence tools.
Wipro, despite the 1.5 per cent drop on the volume front, has seen a positive uptake in terms of client additions and revenues.
From the Sensex pack, Jio Financial Services fell the most by 4.99 per cent. Reliance Industries, Power Grid, Larsen & Toubro, JSW Steel, HCL Technologies, NTPC, Tata Steel, Wipro, Tata Consultancy Services and HDFC Bank also declined. IndusInd Bank, Infosys, UltraTech Cement, ICICI Bank, Nestle and Axis Bank were among the gainers.
