Shares of IT services major Wipro on Monday surged nearly 8 per cent after the company reported an 8 per cent growth in consolidated net profit in the December quarter.
Analyst are cautious about the performance of IT services sector from January to March quarter (Q4) of FY24 and the first half (H1) of FY25. While the Bloomberg consensus on revenue implies the market is expecting 2-3 per cent growth on a quarter-on-quarter (Q-o-Q) basis for the IT majors through FY25, the H1FY25 is likely to see even flatter returns, and Q4FY24 is likely to be poor. There is likely to be some recovery in the second half (H2FY25) but even so, there's a chance that the market will be overall disappointed.
The country's third largest software exporter, Wipro Technologies, on Tuesday said it is looking for an acquisition in the BPO space, which is likely to be the next engine of growth for the IT industry.
The move, first announced in March 2014, is expected to generate net annualised cost savings of $175-200 million once fully implemented.
IT czar Azim Premji has given away almost half of his stakeholding in Wipro, India's third largest exporter of software services, to philanthropy.
Technology market research firm Tech Market View said the contract, which is one of Wipro's largest deals group-wide, signals the growing influence of offshore-centric IT-BPO players in large scale UK outsourcing market.
Wipro Infotech on Tuesday launched a new wireless notebook, LittleGenius CP, for better mobile computing, featuring Intel Pentium M processor based on 90 nm manufacturing technology.
Wipro is planning to expand into Sri Lanka and Bangladesh to tap the telecom and banking space, by leveraging on its expertise and strengths in areas such as system integration and IT managed services.
IT major Wipro has bagged a three-year "multi-million" Euro deal from Dutch pharma major Akzo Nobel for providing infrastructure management services.
The outsourcer said it is supposed to get $8 million from the US firm. Wipro further added that it is in constant talks with the firm to monitor and assess the situation.
Among Sensex firms, Bajaj Finserv and Bajaj Finance fell by over 4 per cent each. Nestle, Infosys, Tata Consultancy Services, Wipro, UltraTech Cement, HCL Technologies, Larsen & Toubro and Hindustan Unilever were the other major laggards. Bharti Airtel, State Bank of India, Sun Pharma and NTPC were among the gainers.
India's third-largest IT services firm, Wipro Ltd, has acquired the enterprise mobile TV unit owned by Finland-based leading mobile phone manufacturer Nokia for an undisclosed sum.
The new unlisted firm will include Wipro Consumer Care & Lighting (including furniture business), Wipro Infrastructure Engineering (hydraulics and water businesses) and Medical Diagnostic Product & Services business, Wipro said in a filing to the Bombay Stock Exchange.
The contract, which involves upgrade of LIC's front-end IT application programmes to make these accessible through the web, is said to be worth about Rs 200 crore, and will be done over five years. It is understood that most large Indian IT outsourcing companies, including TCS, Infosys and L&T Infotech, had competed for the contract. It was considered prestigious, not because of its size but because it involved a prestigious public sector organisation like LIC.
"We see that as a next emerging opportunity. We are positioning ourselves very strongly," Wipro chairman Azim Premji told reporters in Bangalore. He noted the IT sector, whose size was small 20 years ago, had grown substantially and constituted some 27 per cent of the country's exports and some 4-5 per cent of its GDP, indicating that green technologies holds similar business potential.
Wipro Technologies, the country's third largest software services exporter, today said the company might go slow on its campus-hiring plans till demand picks up.
Wipro, which gets bulk of its topline from IT services, said it expects revenues from that business to be in the range of $1,962-2,001 million in the September quarter.
The Odisha govt is annoyed with Wipro's lackadaisical attitude.
BusinessObjects, a provider of business intelligence products and solutions, on Monday announced its tie-up with Wipro Infotech aimed at strengthening the latter's position in the business intelligence market
Rishad joined the company in June 2007.
In a step towards complying with the new shareholding norms on promoter holdings, the Azim Premji Foundation said it would sell 35 million shares of Wipro through an auction route, opening on Wednesday.
Just before the actual deployment could take place some time ago, CISF and the business firm could not reach a 'consensus' on the duties to be rendered by the force.
Indian software giant, Wipro said on Thursday that it was developing a low-cost computer that would run on low power and would have inbuilt source of two hours of standby power supply.
Leading information technology company, Wipro has started looking at tapping the booming Chinese IT market, sources said on Friday.
Hours after World Bank made public that Wipro has been debarred from doing any business with the global lender, the company's chairman Azim Premji wrote to its over 1,00,000 employees saying that the company had not done anything unethical.
Among the Sensex firms, Power Grid, NTPC, Tata Steel, Tata Consultancy Services, JSW Steel, Wipro, Infosys, Tech Mahindra, Reliance Industries and Bajaj Finance were the major gainers. Axis Bank, HDFC Bank, Hindustan Unilever, Larsen & Toubro and ITC were among the laggards.
The global IT outsourcing services industry is going through a rough patch and Wipro itself is undergoing restructuring to win back lost market share.
In the Sensex pack, NTPC, Tata Steel, SBI and IndusInd Bank were among the major laggards. In contrast, Wipro, HCL Tech, Mahindra & Mahindra and Nestle were among the nine stocks that defied the trend.
The other prominent gainers were Tech Mahindra, HCL Technologies, Wipro, State Bank of India and Larsen & Toubro. Bajaj Finserv, Power Grid, UltraTech Cement and HDFC Bank were among the laggards.
India's third largest service provider Wipro Technologies, is set to begin construction on Rajarhat campus, the second in the city, 'as quickly as possible', said state information technology minister, Debesh Das.
