Bangalore-based software services provider Wipro has announced that capital market regulator SEBI has approved its proposal to meet the minimum public shareholding requirement of 25 per cent through a transfer of shares to a trust for supporting philanthropy.
Promoters owned 78.28 per cent in Wipro as of March 31 this year, but under SEBI norms a privately promoted company must have a public shareholding of 25 per cent by June 2013.
India’s third-largest information technology services company, Wipro has said that it is acquiring a minority stake in privately held US-based big data science firm called, Opera Solutions LLC in a deal valued at $30 million or Rs. 162 crore.
Bangalore, April 19 - Wipro Ltd posted net profit of Rs. 1,729 crore (Rs. 17.3 billion) for January-March quarter of fiscal 2012-13, registering 17 percent growth year-on-year (YoY) as per the Indian accounting standard.
In a regulatory filing Friday, the Indian IT bellwether said total revenue for quarter under review (Q4) increased 12 percent YoY to Rs. 11,026 crore (Rs. 110.3 billion).
Under the International Financial Reporting Standard (IFRS), net income rose 17 percent YoY to $317 million and total income 12 percent YoY to $2.02 billion for the quarter under review.
Just days after joining the world's richest men in a pledge to contribute more wealth for charitable causes, Wipro chairman Azim Premji has transferred sahres worth Rs 12,300 crore to the Azim Premji Trust.
Wipro Infotech has bagged a 10-year contract from Mumbai International Airport Limited (MIAL) for providing IT services for the airport operator's new integrated terminal T2.
Wipro Infotech, the India & Middle East IT business unit of Wipro, will be responsible for complete managed IT services for the new terminal for ten years, starting from April 1 this year.
Bangalore-based Wipro's Senior Vice President Anand Sankaran said that they were very excited that the strategic partnership deal.
Wipro shares slipped nearly 8 per cent on Friday, despite the software firm reported a year-on-year increase of 18 per cent in net profit to Rs 1,716.4 crore in the three months through December 2012.
Wipro, India's fourth-largest software firm, posted 3.3 per cent quarter-on-quarter growth in consolidated revenue at Rs 10,989 crore and 6.6 per cent quarter-on-quarter in net profit at Rs 1,720 crore, its volumes in IT services dropped 1 per cent in the October to December quarter.
Bangalore, Jan 18 - Wipro Ltd posted net profit of Rs. 1,716 crore (Rs. 17.16 billion) for third quarter (Oct-Dec) of this fiscal (2012-13), registering 18 percent year-on-year (YoY) as per the Indian accounting standard.
In a regulatory filing Friday, the IT bellwether said its total revenue increased 10 percent YoY to 11,025 crore (Rs. 110 billion) for the quarter under review (Q3).
As per the International Financial Reporting Standard (IFRS), net income is $313 million and gross revenue $2 billion.
Wipro stock rallied more than 1.5 per cent on the Bombay Stock Exchange on Monday after the soap-to-software company announced that its shareholders approved its demerger plan.
In a filing to the BSE, Wipro said that that its shareholders approved the demerger plan the at a court convened meeting held on December 28, allowing the company to hive off non-IT businesses into an unlisted division.
The shareholders of India's third largest IT exporter Wipro Ltd are scheduled to meet today at the company's Electronic City, Campus in Bangalore to discuss and determine the fate of a proposed demerger of the company.
Wipro Ltd had said in November that it is planning to separate its IT and non-IT businesses. As a result of the demerger, Chairman Azim Premji will be able to concentrate better on its prime IT business. He is aiming to reduce the promoter's stake in the company through this demerger.
US-based food giant Cargill has agreed to acquire Wipro's flagship brand Sunflower Vanaspati for some undisclosed amount of money.
The transaction will not involve any asset-sales apart from the product brand, but Cargill is optimistic that the deal will allow it to boost its existing portfolio of edible oil and vanaspati brands and also expand its market reach in the market.
Indian software services provider Wipro's consolidated net profit grew 23.8 per cent to Rs 1,610.6 crore in the three months through September 30, against a net profit of Rs 1,300.9 crore in the corresponding period of previous fiscal.
On a sequential basis, net profit climbed 1.9 per cent, from Rs. 1,580 crore in the June quarter to Rs. 1,610 crore in the September quarter. The results beat analysts' estimates. Analysts had projected a marginal decline in profitability for the company.
High performance by the auto sectors shares due to higher than expected auto sales in the country has resulted in a rise in the stock markets this afternoon.
The shares of country's largest auto maker, Maruti Suzuki rose about 1 percent after the company reported an impressive 86 per cent increase in sales in the month of October 2012. Mahindra & Mahindra increased 1.33 percent after the company said that sales in passenger vehicle segment rose 29 percent in the month of October.
Indian IT giant, Wipro has said that it is aiming to demerge three non-IT business divisions including consumer care and lighting, infrastructure engineering and medical diagnostics businesses.
The company will now operate its non-IT businesses under the name, Wipro Enterprises Ltd, which will be an unlisted firm. On the other hand, the IT business will remain within publicly traded Wipro Ltd. The company's IT business accounts for 86 per cent of revenue and 94 per cent of operating profit of the company.
Indian IT have shut their offices situated in the hurricane Sandy-hit areas in the US, and have issued advisories to their employees working in the affected areas, advising them to stay indoors.
Hurricane Sandy wreaked havoc along the US' East Coast, forcing tech firms to close offices in a number of areas including New York, New Jersey, Boston and Connecticut as a precautionary measure.
Indian software giant Wipro has once again demonstrated its knack to allure top talent from rival companies. This time Wipro has hired senior Infosys executive Shaji Farooq as the global head for its new technology areas.
Ten-year Infosys veteran Mr. Farooq has accepted the role of the Senior Vice-President at Wipro. He will lead the company’s newly created ‘advanced technology’ services and ‘go-to-market transformation’ businesses. He will report directly to Wipro chief executive T. K. Kurien.
Indian Stock Markets opened positive on Friday but lost ground in afternoon session. The NSE Nifty was in negative zone at 13.52 IST. Asian markets closed positive with Nikkei 225 and Hang Seng closing the session with gain of 0.75 per cent.
The US markets closed positive, on Thursday. Dow Jones touched intraday high of 13269, less than 100 points from 52-week high. European markets have opened positive with DAX, FTSE and CAC showing marginal gains during the early session.
Indian Stock Market closed at five month high on Monday. The BSE Sensex remained flat during most of the trading session but inched up in the last one hour of trade. BSE Sensex closed 75 points higher at 17633 and NSE Nifty closed at 5347, registering a gain of 27 points.
Indian stock market closed flat after benchmark BSE Sensex touched an intraday high of 17,726. NSE Nifty closed at 5338. European Markets opened negative and this led to decline in Indian stocks during the end of the trading session.
FTSE was down by 0.5%, CAC 40 was down by 0.62 per cent at 3431 while DAX was down by 46 points at 6921. Asian Markets were mixed with Nikkei 225 gained 0.88% while Straits Times down by 0.51%. Hang Seng ended the day flat.
India third largest software exporter, Wipro has reported a growth of 18 per cent in net profits to Rs 1,580 crore during eh first quarter of the current financial year.
Even as the rise in profit was in line with the market expectations, a fall in revenues from the key IT services segment resulted in a fall in eth share prices for the company. The company has also revised its expectations for the coming second quarter and pointed out there were several risks to achieving its target.
Wipro declared Q1 results with 18 per cent increase in net profit year-on-year. The company reported net profit of Rs 1580 crore compared to Rs 1481 crore during the same quarter last year. The company has announced that it expects flat performance in second quarter.
Due to uncertain economic environment in Europe and United States, the company is not expecting much of improvement in margins or revenues from both markets.
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