This will be the company's first major expansion in the switching business after the acquisition of the North West Switches brand for Rs 102 crore (Rs 1.02 billion) in May last year. The plant will be located at Haridwar, Uttaranchal, where the company has acquired about six acres for the purpose. A significant part of the Rs 60 crore (Rs 600 million) capital expenditure earmarked for this fiscal will be spent on setting up the plant, Vineet Agrawal, president, said.
Wipro's numbers for Q3 came as a disappointment to the market and early trades on Friday reflected this, the scrip shedding 4% to Rs 1,516.
Wipro chairman Azim Premzi' son will soon join the country's third largest software exporter.
IT major Wipro and Motorola Inc will jointly invest about $ 20 million (Rs 92 crore) over the next three years in their newly formed joint venture for outsourced telecom services.
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 BPO, the business process outsourcing division of global IT services provider Wipro Technologies, would add about 1,000 people at its Hyderabad centre in six to eight months.
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.
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.
Equity benchmark indices Sensex and Nifty ended almost flat in highly volatile trade on Thursday amid the lack of any immediate trigger. The 30-share BSE Sensex dipped 5.43 points or 0.01 per cent to settle at 66,017.81. During the day, it hit a high of 66,235.24 and a low of 65,980.50.
Leading technology solutions provider, HP today announced Wipro as its first Indian global system integration (GSI) partner.
"Our strategy is to recruit non-engineering graduates, in addition to engineering and make them fit into the slot. We are still working out the details," Wipro Technologies joint CEO Girish Paranjpe said.
This will also apply to those working temporarily on onsite projects.
We saw the highest growth coming in from BFSI (banking, financial services and insurance) last quarter than any of our competitors. It has grown very well. But the others have also now stepped up their focus on BFSI.
IT major Wipro on Monday said it has been ranked as a leader in the global R&D service provider survey by Zinnov Management Consulting for the fourth successive year.
Among the Sensex firms, JSW Steel, Tata Steel, Tech Mahindra, Infosys, Wipro, Tata Consultancy Services, Nestle, HCL Technologies, HDFC Bank and Maruti were the major laggards. IndusInd Bank, ITC, Bharti Airtel and State Bank of India were among the winners.
Software services giant Wipro Ltd is likely to lose business from its big client 186k, a former broadband telecoms unit of Lattice Plc which merged with National Grid Transco, vice-chairman Vivek Paul said.
The accused were identified as Rajiv Ranjan, 30, native of Bihar, Mohammed Azar, 25, native of Andhra Pradesh, Sathya Priya, 25, native of Tamil Nadu, and M N Naryanana, 29, from Kerala, according to Bengaluru Police Commissioner B G Jyothiprakash Mirji.
Wipro announced a 100 per cent interim dividend (Rs 5 per equity share of face value Rs 5) for the year ending March 31, 2007.
From the Sensex basket, Tata Consultancy Services, Nestle, Bajaj Finserv, Wipro, Maruti Suzuki India, Reliance Industries, Larsen & Toubro and NTPC were the major laggards. Tata Steel, Bajaj Finance, JSW Steel and Bharti Airtel were among the gainers.
Wipro Limited Profit After Tax grew by 45% year on year (yoy) to Rs. 6.20 billion (Rs. 620 Crores), Total Revenue increased by 39% yoy to Rs. 31.43 billion (Rs. 3,143 Crores)
Wipro COO A L Rao tells Business Standard how he plans to keep driving innovation at Wipro.
Wipro, India's major IT company, has awarded a grant of $1.19 million to promote science and teacher education leadership in the US.
Among Indian IT outsourcing companies, Wipro is the first company to give a flat to 2 per cent growth expectation for the July-September 2009 (third) quarter. Joint CEOs Girish Paranjpe and Suresh Vaswani spoke to Bibhu Ranjan Mishra on the company's growth path.
Wipro Ltd, a relatively late entrant in the lucrative information technology outsourcing market in Australia, is planning to hire more locals.
The Maharashtra Food and Drug Adminstration has served a notice to Wipro for allegedly "misbranding and mislabelling" its baby oil.
Wipro consolidated net profit up 20 per cent at Rs 1,932.1 crore in July-September quarter from Rs 1,610.6 crore a year ago.
Global financial services giant Citigroup Inc on Tuesday sold its 100 per cent subsidiary Citi Technology Services Ltd to Wipro for $127 million. CTS is an India-based captive provider of information technology services and solutions to Citi entities worldwide.
If I focus on today, I will have to give up the future, says T K Kurien.
Wipro Ltd has informed BSE that the Board of Directors of the company vide the circular resolution effective February 13, 2003 resolved to issue and allot 2945 equity shares of Rs 2 each pursuant to exercise of stock options by eligible employees.
Among the Sensex firms, NTPC, Mahindra & Mahindra, Power Grid, Nestle, Tata Motors, ITC, Bharti Airtel and Kotak Mahindra Bank were the major gainers. In contrast, Larsen & Toubro, Wipro, JSW Steel, UltraTech Cement, and Asian Paints were among the laggards.
The move comes at a time when the company is looking to strengthen its position in soaps.
Wipro, the Bangalore-based business conglomerate with interests in IT and FMCG, said it has succeeded in "convincing" one of its recently-won international clients, Australia's Origin Energy, about the circumstances under which the World Bank had imposed a ban on the company
With the developments in Satyam Computer unfolding shocking irregularities, Wipro Technologies, a NYSE-listed company, on Wednesday said this incident is one of its kind and is unlikely to affect the industry.
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.
The company over the past two years has spent a little over $500 million (little over Rs 2,000 crore) for around a dozen acquisitions.
With George W Bush returning as the US president for the second successive term, Wipro Spectramind, the BPO arm of IT major Wipro Limited, is bullish about growth and adding 1,800 to the existing headcount every month at its facilities.
Benchmark equity indices Sensex and Nifty settled with marginal gains on Thursday in a highly volatile trade amid the scheduled monthly derivatives expiry and muted trend in the US markets. The 30-share BSE Sensex closed 86.53 points or 0.13 per cent higher at 66,988.44, registering its third day of gains. During the day, it hit a high of 67,069.89 and a low of 66,610.35.
