Certain changes in the past two or three years could have a long-term structural impact on the IT services market.
From the Sensex pack, Jio Financial Services fell the most by 4.99 per cent. Reliance Industries, Power Grid, Larsen & Toubro, JSW Steel, HCL Technologies, NTPC, Tata Steel, Wipro, Tata Consultancy Services and HDFC Bank also declined. IndusInd Bank, Infosys, UltraTech Cement, ICICI Bank, Nestle and Axis Bank were among the gainers.
IT major Wipro on Thursday said it will pay Rs 7 crore (Rs 70 million) each to its former joint chief executives Girish Paranjpe and Suresh Vaswani as severance packages.
Among major Sensex movers, ITC rose the most by 1.70 per cent, Wipro by 1.43 per cent, Tech Mahindra by 1.36 per cent and Nestle India by 1.27 per cent. Other gainers included HCL Tech, Asian Paints and Reliance. On the other hand, ICICI Bank, NTPC, UltraTech Cement and Tata Steel traded with a loss of up to 0.82 per cent.
Wipro CFO Suresh C Senapaty on Thursday said there is hope of corporate sector sentiments improving after P Chidambaram assumed charge as Union Finance Minister and wanted the Centre to convert it into policy action.
The total income of the company rose by 34.64 per cent at Rs 4,883.6 crore (Rs 48.83 billion) for the quarter reviewed against Rs 3,627 crore (Rs 36.27 billion) for the same quarter last year, Wipro said in a communique to the Bombay Stock Exchange.
In an interview with Mahesh Kulkarni and Archana Prasanna, Wipro's joint chief executive officer Girish Paranjpe says the company expects uniform growth in information technology spends, despite flat to marginally positive IT budgets in 2010.
The IT exporter had a net profit of Rs 978.2 crore (Rs 9.78 billion) in the September quarter of last fiscal, Wipro said in a filing to the Bombay Stock Exchange. Total income of the company rose to Rs 7,057.4 crore (Rs 70.57 billion) during the July-September quarter of the current fiscal, from Rs 6,664.8 crore (Rs 66.64 billion) in the year-ago period, as per the Indian accounting norms.
Unfazed by the US outcry on outsourcing and the implications of the recent cut in number of US visas, Wipro Chairman Azim Premji aims to turn his company into one of the top 10 IT service companies in the world.
The current (third) decade of IT services is based on process improvement and creation of intellectual property
As much as Rs 47,810 crore was spent on share buybacks by 48 companies in 2023 -- the highest amount since 2017. This surge in value was largely driven by a few large-sized issues, including those by Tata Consultancy Services (Rs 17,000 crore), Larsen & Toubro (Rs 10,000 crore), and Wipro (Rs 12,000 crore). In 2022, 58 companies had repurchased shares worth Rs 38,305 crore, according to data from Prime Database.
The government on Wednesday granted approval to Nokia, Wipro, Hewlett Packard, Reliance, Biocon, Ranbaxy Laboratories, Mahindra and Mahindra, Reliance energy and Adani Group's to set up Special Economic zones.
Tata AIG Life Insurance Ltd will extend insurance cover to 15,930 employees of Wipro Ltd for a total sum assured of Rs 876 crore (Rs 8.76 billion).
Wipro, HCL in race for Sebi's fraud detection system upgrade,
Tamil Nadu on Thursday decided to allocate ten acres of land to Wipro and five acres to Tata Consultancy Services in Coimbatore.
Total Revenue increased by 41% YoY to Rs. 35.46 billion
"We found value in people being given flexibility instead of asking them to come to work when there is no work. We have also given them a choice of coming to office 10 days at a stretch in a month, rather than coming two days every week," says Girish Paranjpe, joint CEO of its information technology business.
Domestic IT majors Tata Consultancy Services and Wipro are believed to be front-runners for a multi-million outsourcing deal from UK-based telecom and networking major Cable & Wireless.
Among the Sensex firms, Bajaj Finance jumped the most by 4.64 per cent. Bajaj Finserv, Kotak Mahindra Bank, Asian Paints, UltraTech Cement, ICICI Bank, NTPC, JSW Steel and Tata Steel were among the major gainers. Infosys, Mahindra & Mahindra, Wipro, Tata Consultancy Services, IndusInd Bank and HCL Technologies were the major laggards.
The West Bengal state government has delayed project approvals. And now, the IT giants may look at other states as the centre is thinking of giving sops to SEZs
Its FY08 consolidated net profit was at Rs 3,282.90 crore (Rs 32.81 billion) and consolidated net sales was at Rs 20,019.50 crore (RS 200.19 billion).
Sun Pharma, Bajaj Finserv, Tata Consultancy Services, Infosys, Hindustan Unilever, JSW Steel, Wipro, Maruti, HCL Technologies, Tech Mahindra and ICICI Bank were the other major gainers. State Bank of India, Tata Motors, Axis Bank, Kotak Mahindra Bank, Bajaj Finance, Tata Steel, Nestle and HDFC Bank were the laggards.
IndusInd Bank was the biggest gainer in the Sensex pack, rising 3.25 per cent, followed by Tech Mahindra, Wipro, Bharti Airtel, HCL Technologies, Axis Bank, HDFC Bank, RIL, TCS, L&T and Infosys. State Bank of India, NTPC, Maruti, Bajaj Finserv, Tata Motors and Power Grid were among the laggards, slipping up to 2.94 per cent.
Among the Sensex firms, ICICI Bank and SBI led the index with the maximum gains of 4.68 per cent and 3.99 per cent, respectively. Other major gainers were Larsen & Toubro, Kotak Mahindra Bank and HDFC Bank. On the other hand, Wipro and Tata Motors defied the trend and traded in negative.
Which entrepreneur would willingly part with her or his hard-earned money for grasping, self-serving politicians? asks Debashis Basu.
Deals worth $27 billion are up for renewal. Of these, almost $1.7 billion worth of contracts are currently with Indian services providers, said data from TPI.
'Companies are coming to the campuses, and we have companies booking their slots for the placement season, but the overall number of companies signing is low, and the hiring numbers are also lower.'
The company's revenues rose by 13 per cent to Rs 9,613.1 crore (Rs 96.13 billion).
Wipro Ltd will remain a publicly listed company that will focus exclusively on information technology, while Wipro Enterprises will be an unlisted company.
Software major Wipro Ltd has decided to take up its second project, a technology centre, in West Bengal with a total investment of Rs 75 crore earmarked for the state.
For innovation, Bharti Airtel and ICICI Bank are followed by Infosys, TCS and HCL Technologies in the top five. These are followed by Anil Ambani-led Reliance Communications, Wipro, Satyam, M&M and Hindustan Lever (now known as Hindustan Unilever in the order of their rankings.
Wipro chairman Azim Premji on Wednesday said the company would explore the Pakistan market for its range of products including consumer products and information technology.
The Bengaluru-based company had posted a net profit of Rs 1,456.4 crore (Rs 14.56 billion) in the year-ago period, it said in a filing to the Bombay Stock Exchange.
Two US lawmakers have asked nine foreign-based firms, including some leading Indian companies that used 20,000 of such visas, to disclose details about their workforce and their use of the special programme.
