Wipro has not been able to take similar strides in the health and financial sector as the competition has done, Azim Premji said.
During the third quarter ended December 31, 2007, the company got its first $100 million (Rs 400 crore) account, which it had bagged almost four years ago as a $200,000 (Rs 80 lakh) per annum account.
From the Sensex pack, Reliance Industries jumped the most by 3.78 per cent. Tata Steel, Bharti Airtel, IndusInd Bank, Kotak Mahindra Bank, UltraTech Cement, ICICI Bank and Tata Motors were the other biggest gainers. Titan, HCL Technologies, Power Grid, Tata Consultancy Services, Wipro, Hindustan Unilever, Axis Bank and Nestle were among the major laggards.
Infosys spent Rs 70 crore last year on its brand building exercise. The company underlines that it focuses on earning the respect of all its stakeholders.
Strong macroeconomic headwinds causing turbulence in the $245-billion Indian IT industry are yet to calm down. Top Indian IT services companies are likely to post a decline or just marginal growth in sequential revenue in Q1FY24 because of a soft discretionary spending environment. Though the first quarter is seasonally strong for IT firms, "June 2023 will be an exception", according to analysts at Kotak Institutional Equities.
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.
Wipro Technologies, an information technology and outsourcing company, is poised to acquire the IT arm of a major company in Germany.
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.
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.
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'.
IT major Wipro on Friday reported a 9 per cent rise in Q3 net profit at Rs 2,192.8 crore in Q3.
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.
Bajaj Finserv was the biggest gainer in the Sensex pack, rising 2.21 per cent, followed by Titan, ITC, Kotak Mahindra Bank, HDFC Bank, HDFC, Bajaj Finance, IndusInd Bank, ICICI Bank, HUL, Reliance Industries and Mahindra & Mahindra. Wipro, Tata Consultancy Services, Power Grid and Tech Mahindra were the laggards.
At a time when the market is betting on a 'higher for longer' global interest rate view, Accenture's (ACN) weak revenue forecast is a negative read-through for the Indian IT firms, according to analysts. The Dublin-based company sees its revenue growth at 2-5 per cent in constant currency (cc) for the financial year 2024 (FY24), below the pre-Covid levels of 5-8 per cent for FY17-20. The weak projection, thus, signals that slower demand is likely to persist this year, and any recovery is unlikely in the near-to-medium term, experts note.
Even as the slowdown in the information technology (IT) services sector deepens, banking, financial services and insurance (BFSI), as well as oil and gas companies, emerge as the primary drivers of corporate earnings in the country. The IT services sector's share in corporate earnings declined to a five-year low of 17.4 per cent in the second quarter (Q2) of 2023-24 (FY24), whereas banks and finance companies accounted for 46.5 per cent, and oil and gas firms contributed 16.8 per cent. At their peak, IT services firms like Tata Consultancy Services (TCS), Infosys, HCLTech, and Wipro represented just over a third of the combined net profit of all listed companies in the Business Standard sample.
Wipro was the biggest loser in the Sensex pack, slipping nearly 2 per cent, followed by IndusInd Bank, State Bank of India, Kotak Mahindra Bank, ICICI Bank, HDFC Bank, Infosys, Tata Consultancy Services, HDFC and Bajaj Finserv. On the other hand, Nestle, Mahindra & Mahindra, ITC, HCL Technologies, Asian Paints and Maruti were among the gainers.
From the Sensex pack, Larsen & Toubro jumped 4.26 per cent to emerge as the biggest gainer, followed by IndusInd Bank, Tech Mahindra, State Bank of India, HCL Technologies, Power Grid, NTPC, Axis Bank, Kotak Mahindra Bank, HDFC Bank and Wipro. Mahindra & Mahindra, Infosys, UltraTech Cement and Hindustan Unilever were the major laggards.
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).
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.
From the Sensex pack, Power Grid, Infosys, Asian Paints, Mahindra & Mahindra, HCL Technologies, IndusInd Bank, Tech Mahindra, Bajaj Finance, Wipro, Tata Consultancy Services, HDFC Bank and Titan were the major gainers. Tata Steel and Bharti Airtel were the laggards.
Benchmark BSE Sensex closed above the historic 66,000-mark for the first time while NSE Nifty hit a new all-time closing high driven by heavy buying in IT counters and fresh foreign fund inflows. Optimism in global equity markets also helped the local markets maintain their winning momentum for a second day. The 30-share BSE Sensex jumped 502.01 points or 0.77 per cent to settle at its new all-time closing high of 66,060.90.
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.
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.
Power Grid, HCL Technologies, Asian Paints, Hindustan Unilever, Maruti and Nestle were among the laggards. Shares of HCL Technologies were trading over 1 per cent lower even after the company reported a 7.6 per cent year-on-year rise in June quarter net profit on the back of new order wins.
The two company spent about over Rs 3.15 crore.
Science graduates, non-science graduates and engineers, all are welcome.
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 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.
IT major also looking at acquisitions in Germany and Canada.
Wipro Technologies on Monday announced the successful implementation of an e-Ticketing solution for easyCinema, a new venture of the Europe-based easyGroup.
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