India's third-largest software services exporter, Wipro said quarterly profit rose 11 per cent from a year earlier, in line with analysts' estimates, after an increase in orders boosted earnings.
Wipro joined its other information technology peers -- Infosys, Tata Consultancy Services and HCL Technologies in beating estimates.
ATCO's subsidiary, ATCO I-Tek, will become a part of Wipro after the closure of the deal, which is expected to be completed in this quarter.
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.
The Nifty IT Index, the gauge for the performance of information technology (IT) stocks, was the worst performer on the stock exchanges on July 29, a day after Infosys posted lower-than-expected earnings growth for the June quarter and sharply cut its revenue growth guidance for 2023-24 (FY24). The IT index was down 4.1 per cent, its biggest one-day fall in three months. The decline was led by Infosys, with its shares plunging nearly 8 per cent, followed by HCLTech (-3.2 per cent), Wipro (-3.0 per cent), and TCS (-2.7 per cent).
Sun Pharma, Hindustan Unilever, HCL Technologies, Wipro, Tech Mahindra, UltraTech Cement, Tata Steel and Titan were among the other major gainers. Bharti Airtel, Power Grid and NTPC were the laggards.
Company says integration of various businesses will reap fruit.
T K Kurien, chief executive officer of Wipro says the first milestone's been achieved and a complete turnaround would happen when there is consistency in growth.
In a communique on the National Stock Exchange, Wipro said an agreement had been signed for the buyout which was expected to be completed by Q3 of FY 2006-07.\n\n
Equity benchmarks settled at record highs on Friday, rallying for the fourth day running, helped by intense buying in index majors Reliance Industries, Wipro and Maruti. In a largely range-bound trade, the 30-share BSE Sensex climbed 20.96 points or 0.03 per cent to settle at 62,293.64, its fresh record closing high. During the day, it jumped 175.05 points or 0.28 per cent to 62,447.73 -- its lifetime intra-day peak.
ICICI Infotech outsmarted Tata Consultancy Services and Wipro to get the mandate from states for setting up a national tax information exchange system (Tinxsys) to track inter-state transactions and check tax evasion.
Last week, Employees' State Insurance Corporation, a health insurer under the ministry of labour and employment, had said that its portals are facing technical problems, causing inconvenience to users.
Bangalore based Wipro Technologies announced its Q1 results on Thursday. Compared to the last quarter, its net profit dropped to Rs 726 crore
IT major Wipro Technologies and Gurgaon-based knowledge process outsourcing firm Copal Partners have expressed interest in bidding for the Indian back office business of Lehman Brothers Holdings, the US-based investment banking firm that filed for bankruptcy protection on Monday.
Wipro Ltd, India's third-biggest software services exporter, posted about an 8 per cent rise in quarterly profit as clients in North America and Europe spent more on technology.
Two days after the West Bengal government scrapped the ambitious IT project at Rajarhat, the Congress on Wednesday said IT majors like Wipro and Infosys should be given alternate land elsewhere in the state.
Former Co-CEO of Wipro IT Business Girish S Paranjpe has joined the Silicon Valley-based Bloom Energy International as Managing Director. Bloom Energy International is a provider of breakthrough solid oxide fuel cell technology that produces clean, reliable, affordable onsite power.
IT company Wipro Infotech on Monday announced a tie-up with Red Hat to offer Linux services in India.
Other than the involuntary attrition, the company has reported voluntary attrition of 11.9 per cent in the third quarter. This has resulted in a drop in the number of employees in the third quarter for the second time in the current financial year. The company started seriously looking at issues such as poor performance and fudged employment details in the second quarter of FY09 when the rate of voluntary attrition suddenly went up from just 0.5 per cent to 2.5 per cent.
Benchmark equity indices continued their record-shattering spree on Tuesday, with the Sensex and Nifty hitting their fresh all-time high levels in early trade, amid persistent foreign fund inflows. Also, buying in Bajaj Finance, Bajaj Finserv, Tata Consultancy Services and HDFC twins added to the positive market momentum. Rallying for the fifth straight session, the 30-share BSE Sensex jumped 381.55 points to hit its all-time peak of 65,586.60 in early trade.
The initiative will work on 40 areas in eight domains -- Energy & water, infrastructure, planning & buildings, Transportation, Public safety & justice, Tourism, recreation & culture, Education, Health and Social services & government administration.
Large Indian IT services companies are expected to report "muted" sequential show in a traditionally strong second quarter, as macroeconomic challenges continue to weigh on global discretionary spending, say market watchers. The big earnings week for tech heavyweights is up ahead, with Tata Consultancy Services (TCS) scheduled to announce its results on October 11, and both Infosys and HCL Technologies on October 12. Wipro is slated to declare its Q2FY24 results next week, on October 18.
From the Sensex pack, Infosys jumped the most by 3.67 per cent. Asian Paints, HCL Technologies, Reliance Industries, ICICI Bank, Wipro, NTPC, Tech Mahindra, Bajaj Finserv and Larsen & Toubro were among the other major gainers. State Bank of India, Bajaj Finance, Titan, Tata Steel, Tata Motors and UltraTech Cement were among the laggards.
Wipro has emerged as the leader followed by HCL , Patni, Infosys , Mahindra Satyam and MindTree in the rating of global R&D service providers across various countries like India, China, Russia and Eastern Europe, according to a study.
He is understood to have been promoted as a vice president,while he would continue in his present role as chief strategy officer.
IT major Wipro on Friday reported 9.75 per cent increase in consolidated net profit at Rs 1,284.9 crore for the second quarter ended September 30.
Information Technology giant Wipro would start its research and development project in Goa and the state government has already earmarked a land for the project, Goa's Information and Technology Minister, Dayanand Narvekar said on Wednesday.
To double revenues in four years; asks staff to 'think like a start-up', to brainstorm out-of-the-box ideas
Asian Paints dropped the most by 1.33 per cent. IndusInd bank fell 1.2 per cent, Axis Bank by 1.19 per cent, SBI by 1.12 per cent, Bajaj Finance by 1.07 per cent, Nestle by 1.04 per cent, and TCS by 0.97 per cent. Hindustan Unilever, Reliance Industries, Power Grid and Kotak Bank also retreated. Maruti Suzuki was the lead gainer, rising by 2.22 per cent.
IT major Wipro Corporation will be allotted 85-acre land at the proposed Knowledge Industry township at Sholinganallur in the outskirts of Chennai, for expanding its software development centre, Tamil Nadu IT Secretary Vivek Harinarain has said.
India's third largest software company Wipro on Thursday said they are hopeful of some signs of recovery in the second half for the IT outsourcing services sector.
The West Bengal government unveiled a new model to allot 90 acres of subsidised plots each to software majors Infosys and Wipro near Rajarhat locality in the city at an unspecified rate.
Wipro Technologies has set up a separate group within its Telecom and Product Engineering practice to aggressively tap the opportunities in the telecom service providers' space.
The big three Indian IT exporters fell over 2-4 per cent on the BSE.
At one time, the West's muktinationals ruled supreme. Now, the shining stars of India's Silicon Valley are shaking up the global IT business. A number of books have been written on the subject of late. Among them, Bangalore Tiger, which exposes the key principles of the IT giant Wipro's transnational business model, deserves special mention.
Wipro is contemplating vast expansion in Andhra Pradesh with proposed investment of Rs 950 crore (Rs 9.5 billion) that could generate employment for nearly 29,000 people.
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