Scam-hit Satyam seems to be losing its status as a noteworthy rival for the top Indian IT firms, as Wipro has become the second major player in this space after Infosys to drop its name from the list of competitors.
Bhanumurthy B M, president and chief operating officer, Wipro, tells Ayan Pramanik and Raghu Krishnan that service delivery through digital technology-enabled platforms will change the business dynamics for the company.
The market capitalisation of BSE-listed companies soared to an all-time high of Rs 406.52 lakh crore on Monday thanks to a rally in equities where the BSE Sensex climbed over 1 per cent. The 30-share BSE Sensex rallied 941.12 points or 1.28 per cent to finish at 74,671.28. During the day, it zoomed 990.99 points or 1.34 per cent to 74,721.15.
From the Sensex pack, HCL Technologies, Infosys, Wipro, Bharti Airtel, Larsen & Toubro, Mahindra & Mahindra, Tata Consultancy Services and Asian Paints were the major gainers. Axis Bank, IndusInd Bank, Bajaj Finance, JSW Steel, State Bank of India and Tata Steel were among the major laggards.
Subject to customary regulatory approvals, the acquisition is expected to be completed during the quarter, the Bengaluru-headquartered company said. Financial details of the transaction were not disclosed.
The Bangaluru-based firm has forecast third quarter revenue from its IT services unit in the range of $1.5-1.53 billion.
In a massive top-level reshuffle last week, Wipro, India's third-largest IT services firm, announced the exit of Anand Sankaran who was handling a major chunk of the company's overall business.
In a top level reshuffle, software services major Wipro on Thursday appointed Soumitro Ghosh as head of Wipro Infotech replacing Senior VP and Business Head of Global Infrastructure Services Anand Sankaran, who quit the company hours before the rejig was announced.
Wipro, the $5 billion company with interests in IT services, consumer care, lighting and furniture, is entering a new set of businesses which will enable the company to leverage its growth on the clean energy and agriculture sectors. The company is readying a plan to include alternate energy, water treatment, food and agriculture businesses under its infrastructure business - Wipro Infrastructure Engineering Limited.
Wipro will be implementing the core banking solution for Paytm.
Wipro Technologies, the IT services division of Wipro Ltd, said on Wednesday that it has become the first company outside the US to be conferred with Software Process Achievement
Cognizant derived 41 per cent of its revenues from financial services.
Sensing potential in the remote infrastructure outsourcing market, Wipro Technologies is investing heavily in the business and will soon open a centralised global command centre in Bangalore.
An Indian woman employee at the London office of IT major Wipro has filed a 1 million pounds compensation case of sexual discrimination.
'The top five IT giants are not hiring, but most of the freshers want to start their careers with the top five IT firms.' 'In today's scenario this is a challenge.'
Wipro and Tata Power are among the world's most ethical companies, according to American think tank Ethisphere Institute.
Ashutosh Vaidya, head, Wipro BPO Solutions, and Deepak Jain, head, Technology Infrastructure Services, have put in their papers, said the sources. The reasons for the resignations could not be confirmed.
Software services major Wipro on Wednesday said its BPO has been rated among the top global Finance and Accounting (F&A) service providers by analyst firm HfS Research.
Among Sensex shares, HCLTech, Asian Paints, Maruti, JSW Steel, TCS, SBI, ITC and Bharti Airtel were the major losers. On the other hand, Bajaj Finserv, Mahindra & Mahindra, Titan, L&T and Wipro were the major gainers.
Revamp zeroes on consumer brands facing stiff competition, slower growth.
Wipro Ltd named T K Kurien president of Wipro HealthScience. Kurien will report into Vivek Paul, vice chairman.
Wipro has been quite aggressive among Indian IT services companies in acquisitions as a strategy to buy the capabilities in emerging technologies.
The company has also expanded its SAP services in the utilities industry, supply chain management and customer relationship management domain.
Among the Sensex firms, State Bank of India rose the most by 3.78 per cent after the bank announced the acquisition of SBI CAPS subsidiary for Rs 708.07 crore. Nestle India gained 1.68 per cent after it reported around 9 per cent growth in sales. JSW Steel, Bajaj Finance, Axis Bank and Asian Paints were among the gainers.
Wipro Ltd on Wednesday clarified that company Chairman Azim Premji had stated in Mumbai that the IT major would consider accessing the capital markets only if the need for funding large acquisitions arose.\n\n\n\n
Banerjee was one of the people instrumental in shaping the future of Wipro's IT business in its early days.
One of the good things about our business is, if customers are under pressure and in a cost-cutting mode, we are able to provide more efficient solutions.
According to the 18th version of Greenpeace's Guide to Greener Electronics, Wipro has topped the list of 16 electronic companies across the world based on their commitment and progress in three environment criteria: energy and climate, greener products and sustainable operations.
A chess buff, Neemuchwala enjoys volunteering, travelling, Indian music, reading fiction, and golf.
Wipro is poised for double-digit growth in the coming years as the US market is recovering and consumer spending improving, Chairman Azim Premji said.
"Three-five years is the ideal time frame for a CEO to continue in the same position in a company," says Girish Paranjpe.
Plans to enter the Southeast Asian market through acquisition.
Investors' wealth eroded by Rs 6 lakh crore in a single day on Wednesday as the BSE benchmark Sensex tumbled over 790 points. The 30-share BSE Sensex fell by 790.34 points or 1.08 per cent to settle at 72,304.88. During the day, it slumped 872.93 points or 1.19 per cent to 72,222.29.
M&M was the biggest gainer in the Sensex chart, rising 6.51 per cent, followed by NTPC, PowerGrid, SBI, HDFC Bank, Asian Paints and Wipro. In contrast, Axis Bank, ITC, HUL, Nestle India and Sun Pharma were among the laggards.
Company aims to cross $1 billion in revenue for its BPO business.
No financial details of the deal were disclosed.
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