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Thursday, May 23rd 05:53 AM IST
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Wipro Limited GALLERY.
Wipro Technologies Chairman Azeem Premji speaks during the announcement of the financial results of the company at their headquarters in Bangalore on April 19, 2013. India's third-largest software firm Wipro on said net profit in January-March rose nearly 17 percent, beating forecasts, thanks to improved outsourcing orders despite global uncertainty. Wipro Technologies Chairman Azeem P
In this photograph taken on November 2, 2012 Indian Chairman of Wipro Limited, Azim Premji, speaks during a press conference held to announce the company's 2nd quarter results in Bangalore. Indian software czar Azim Premji, one of the nation's most deep-pocketed philanthropists, has said he is donating 2.3 billion USD in shares to an education charity -- two years after making a similar big gift. In this photograph taken on Novembe
Wipro's Azim Premji is following in the footsteps of Warren Buffet and Bill Gates to become the first Indian to dedicate a majority of his wealth to philanthropy by signing up for the Giving Pledge. The billionaire founder of the IT company is scaling up efforts to improve the quality of the education system in India through the Azim Premji Foundation. The Giving Pledge was formed in 2010 to encourage the wealthiest in the US to give a part of their wealth towards philanthropic activities. However, Buffett now wants to widen the group's function outside the US to India and China. [caption id=attachment_632104 align=alignleft width=380 Wipro's Azim Premji is following in
Shares in software service exporter Wipro fell as much as 2.2 percent while power equipment maker Siemens retreated on Thursday after India Index Services & Products Ltd said both companies would be removed from the Nifty on April 1. [caption id=attachment_625000 align=alignleft width=380 Shares in software service exporter
strongBangalore:/strong Wipro will sell a small stake if it is not able to bring down the promoter holding in the company to 75 percent even after the completion of demerger process and certain other steps being taken to meet regulatory norms, its Chairman Azim Premji said today. On Wipro's strategy to bring down the promoter stake as per market regulator Sebi's mandate, Premji also said it will depend on the eventual interpretation of the guidelines. Under Sebi norms, privately promoted companies are expect to have a public shareholding at 25 percent by June 2013, while the same for the state-run listed companies has been relaxed to 10 percent, which has to be met by August 2013. [caption id=attachment_593640 align=alignleft width=380 strongBangalore:/strong Wipro will
strongBangalore/Mumbai:/strong India's No.3 software services provider Wipro's less-than-perfect score on its quarterly earnings report card threw a measure of doubt over the sector's near-term outlook, with new projects and contracts still elusive. Since a week ago, better-than-expected results from Infosys , Tata Consultancy Services and HCL Technologies sparked a 13 percent rally in the sector subindex that grinded to a halt on Friday. [caption id=attachment_593452 align=alignleft width=380 strongBangalore/Mumbai:/strong Indi
India's No.3 software services provider Wipro posted an 18 percent gain in quarterly profit, joining bigger rivals Tata Consultancy Services and Infosys in reporting better-than-expected earnings. Wipro, whose customers include Apple Inc and BP, said net profit for the three months ended December rose to Rs 1,716 crore from Rs 1,456 crore a year earlier. A emReuters/em poll of 20 analysts had estimated the average net profit of Rs 1,645 crore. [caption id=attachment_592823 align=alignleft width=380 India's No.3 software services prov
strongBangalore/strong: Cargill has signed an agreement with Wipro to acquire the latter's flagship brand Sunflower Vanaspati. The scope of the acquisition is limited to the product brand only, the company said in a statement. [caption id=attachment_552813 align=alignleft width=380 strongBangalore/strong: Cargill has
strongNew Delhi:/strong Wipro Ltd today said it will fully acquire LD Waxsons Group, a Singapore-based fast moving consumer goods (FMCG) company for an all cash consideration of about $144 million (nearly Rs 790 crore). The company said it has signed a definitive agreement to acquire 100 percent shareholding of the LD Waxsons Group which will give it ownership of skincare brands, Bio-essence and Ginvera. The transaction is expected to be closed within the next 60 days, the company said in a statement. [caption id=attachment_550461 align=alignleft width=380 strongNew Delhi:/strong Wipro Ltd t
strongNew Delhi:/strong Technology major Dell has appointed former Wipro co-CEO Suresh Vaswani as president of Dell Services, its over $8 billion IT services arm. Vaswani succeeds Steve Schuckenbrock, who held executive leadership roles at Dell since joining the company in 2007. He will be responsible for developing and delivering end-to-end IT services and business solutions for global corporations, state and local governments, Dell said in a statement. Mr Vaswani, who previously led Dell Services' application and BPO line of business, will report to chairman and CEO Michael Dell in his new role, it added. He is also responsible for Dell's IT delivery, including the company's infrastructure and applications worldwide. We have made huge strides transforming Dell into a leading provider of end-to-end solutions, and our services business has been a cornerstone of our progress, Dell said. Vaswani's deep services expertise and proven track record make him the right leader to continue growing Dell's Services business and fuelling its transformation, it added. [caption id=attachment_548980 align=alignleft width=380 strongNew Delhi:/strong Technology
Investors may have happily welcomed Wipro demerger, but the company's scheme for the demerger is being criticised by proxy advisors. Wipro has provided three options for investors: one, allotment of shares of demerged Wipro Enterprises which would host the consumer, lighting and other non-IT businesses; two, they can subscribe to preference shares that carry a 7 percent interest; three, they can exchange Wipro Enterprises shares with Wipro. The catch in the whole scheme is that Wipro Enterprises will remain unlisted and the management in a conference call ruled out any chance of listing the company. [caption id=attachment_520415 align=alignleft width=380 Investors may have happily welcomed
strongSingapore:/strong Wipro Technologies today said it is working on emerging markets in Asia, Africa and Latin America to grow its sophisticated IT systems for banking services. We are working on emerging markets for our services in the three regions over the next three years, said Suresh Raman, the Singapore-based Head of Banking Sales for Asia Pacific & Japan. He was speaking at a banking technology show here. 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 (BFSI). [caption id=attachment_516005 align=alignleft width=380 strongSingapore:/strong Wipro Techn
strongBangalore:/strong Indian IT czar and Wipro Ltd chairman Azim Premji on Friday had a word of advice for the media - don't flip-flop like social activist Arvind Kejriwal of India Against Corruption (IAC). I think the media also, like Kejriwal, flips from topic to topic all the time. Media also has a great role to play. It (media) should have consistency in following through whatever it digs up, Premji told reporters here on the margins of a conference on the financial performance of the IT bellwether for the second quarter (July-Sept) of this fiscal (2012-13). [caption id=attachment_513110 align=alignleft width=380 strongBangalore:/strong Indian IT c
Employee's of Wipro, India's third largest software company walks through the campus of the software giant in Bangalore on November 2, 2012. India's third-largest outsourcing firm Wipro reported second-quarter net profit jumped 24 percent, thanks to stronger demand as customers sought to reduce costs in a weak global economy. Employee's of Wipro, India's third
Indian Chairman of Wipro Limited, Azim Premji, smiles during a press conference held to announce the company's 2nd quarter results in Bangalore on November 2, 2012. India's third-largest outsourcing firm Wipro reported second-quarter net profit jumped 24 percent, thanks to stronger demand as customers sought to reduce costs in a weak global economy. Indian Chairman of Wipro Limited, A
Wipro Chairman Azim Premji has presented an interesting choice to shareholders while proposing thea href=http://www.firstpost.com/business/hiving-off-non-it-will-improve-wipros-profit-margins-511038.html demerger of the non-IT businesses /aof the company into Wipro Enterprises Ltd (WEL): they can get shares in the new company (one for every five shares of Wipro); they can get more shares in Wipro itself by exchanging 1.65 WEL shares for one of Wipro (which will come from the promoter holdings); or they can choose to be compensated with a 7 percent preference share (one of Rs 50 for every five shares held) that will be redeemed one year after the demerger record date. Some analysts maintain that the three options are really two: there is no point in owning shares in an unlisted non-IT company, unless you expect it to list. So the real choice is: cash after one year, or shares in Wipro, the IT major. Which one is better? Mobis Philipose, writing in a href=http://www.livemint.com/Money/JTaH04yJq8elY9LapIeT1M/The-best-deal-for-Wipro-shareholders.htmlemMint/em/a, says investors should take the cash. His reasoning: the net present value of every preference share received for every five shares of Wipro is Rs 213, while the conversion rate of 1.65 WEL shares for one of Wipro share gives investors a value of Rs 194, assuming Wipro shares correct by 12 percent from current prices. (emRead his full analysis/em a href=http://www.livemint.com/Money/JTaH04yJq8elY9LapIeT1M/The-best-deal-for-Wipro-shareholders.htmlemhere/em/a). [caption id=attachment_512537 align=alignleft width=380 Wipro Chairman Azim Premji has pres
Wipro, the country's third-largest software services exporter, reported a better-than-expected net profit of Rs Rs 1610.60 crore for the second quarter, up 24 percent on year and 2 percent on quarter. A emCNBC TV18/em poll had estimated the net profit at Rs vs Rs 1520 crore, down 3.8 percent on quarter. [caption id=attachment_512088 align=alignleft width=380 Wipro, the country's third-largest
Profit margins for Wipro Ltd will improve after the low-margin, non-IT businesses are demerged into a separate private company, CFO Suresh Senapaty said in a conference call today. The company had in the morning announced the demerger to the stock exchanges, pushing the share prices up about 7 percent earlier. The news came as positive news for the stock as investors had been asking for such a move for some time now. [caption id=attachment_511047 align=alignleft width=380 Profit margins for Wipro Ltd will i
Wipro, India's third-largest software services provider, will demerge its consumer care and medical diagnostics units, the company said in a statement to the stock exchanges on Thursday. The separation of the IT services and consumer businesses would help command a better valuation for the software business, say analysts. The company's stock surged 3.35 percent to Rs 363 on BSE following the announcement, while the BSE Sensex is down 0.03 percent at 18499 levels. Creating a technology-focused company will allow us to better serve the needs of our customers, and accelerate investments necessary to capitalize on market growth opportunities said TK Kurien, CEO, IT Business and Executive Director, Wipro in a statement today. [caption id=attachment_510563 align=alignleft width=380 Wipro, India's third-largest softwa
Shares in Wipro gain 2.4 percent to Rs 344.05 after Credit Suisse upgrades stock to 'outperform' from 'neutral' and raises target price to Rs 415 from Rs 385. The upgrade comes ahead of Wipro's July-September earnings on Friday, as Credit Suisse says the stock has significantly underperformed peers and the Indian market over the past 12 months, and calls valuations historical low level outside of the period during the 2008 financial crisis.[caption id=attachment_506461 align=alignleft width=380 Shares in Wipro gain 2.4 percent to
Wipro is looking at making Oman its next largest strategic market in the Gulf region and is looking forward to making big investments in the country, its Chairman and Managing Director Azim Premji has said. During his visit to Oman, Premji said it is potentially a very important market. It is a good to do business here and we have made a good entry. We think we can grow very aggressively here, he told the em'Times of Oman/em'. Premji met business partners and authorities during his day-long meetings in Oman, following which he left for Riyadh. We wanted to know what the government would like us to do to be relevant to the country, apart from giving us business. We plan to establish the seriousness of our commitment to Oman. [caption id=attachment_449925 align=alignleft width=380 Wipro is looking at making Oman its
HSBC upgraded Wipro to overweight from neutral, saying the software services exporter was competing effectively for large deals, and adding the company is well positioned to improve sales after its extensive restructuring. [caption id=attachment_434641 align=alignleft width=380 HSBC upgraded Wipro to overweight f
Software major Wipro would continue to expand at its existing facility at Salt Lake in the metropolis, company chairman Azim Premji said today. Company will make further investments at the existing development centre at Salt Lake, Premji told reporters after delivering a lecture at CII here. [caption id=attachment_432386 align=alignleft width=380 Software major Wipro would continue
Exactly a year after Cognizant overtook Wipro as as the third largest software exporter from India, the New-Jersey based IT firm has now overthrown Infosys as the second largest IT player after TCS in revenue terms in the June quarter. The software company reported a revenue of $1.79 billion (about Rs 9,938 crore) for the April-June quarter this year. The revenue of Infosys for the same period was $1.75 billion (about Rs 9,716 crore). However, the company has to wait till the end of the financial year to see whether it can really cement its place as the second largest IT services provider. But with a bullish annual revenue outlook, Cognizant may remain at the number two spot as Infosys has given a muted guidance of 5 percent growth for the year, given the uncertainty in the global environment. Infosys expects revenues to be $7.343 billion in FY13. Cognizant, most of whose employees are in India, has been gaining ground over Infosys and Wipro as it has traditionally worked with relatively lower margins, helping it win more contracts. The company entered into a $330 million deal in June with the US unit of Dutch insurer ING Group NV to expand the business process management contract between the two. [caption id=attachment_408673 align=alignleft width=380 Exactly a year after Cognizant over
Indian IT-BPO players like Wipro, Genpact and WNS have kicked in business continuity plans to ensure that services to global clients run as usual even as failure of three grids today left more than 20 states and the National Capital powerless. The IT-BPO industry, which accounts for over 7 percent of the GDP, are running their operations at their centres in north and eastern India using back-up generator sets that run on diesel. There is no impact at any of the Genpact sites due to the power failure. We have a back-up plan in place and have a four-day supply of diesel, said Genpact Senior Vice-President (Infrastructure and Logistics) Vidya Srinivasan. [caption id=attachment_398856 align=alignleft width=380 Indian IT-BPO players like Wipro, G
IT major Wipro fell 2.31 percent at Rs 338 on BSE in morning trade, extending Tuesday's 2.93 percent decline triggered by the company's almost flat revenue outlook for IT services. The company gave a guidance of 0.3-2.3 percent sequential growth for the second quarter, which is way below analyst expectations of 2-4 percent and gives little hope for a significant upturn. IT services revenue in dollar terms was impacted by $25 million of cross-currency impact in the first quarter (Q1) and was up 8 percent to $1515 million. While Wipro is seeing deal pipelines grow quarter on quarter, delays in decision making about closing deals has clouded visibility, said analysts. [caption id=attachment_390267 align=alignleft width=380 IT major Wipro fell 2.31 percent at
Wipro said it has given salary hikes of up to 8 percent to offshore employees and hiring plans for the year are on track. We have given wage hike of eight per cent to offshore employees and three percent hike (to those in western markets).Overall about 1.6 percent has been the impact in terms of all the manpower cost related increases that we have given because there were some promotions etc in Q1, Wipro Executive Director and CFO Suresh Senapaty said. He added that the country's third largest company is on track with its hiring plans for the year. He, however, declined to give specific numbers. Larger rival Infosys had said it will stick to its plan of hiring 35,000 people this year, but has pushed the decision on wage hikes to October on account of global economic uncertainties. [caption id=attachment_389582 align=alignleft width=380 Wipro said it has given salary hike
Diversified company Wipro said it has acquired premium personal care brand Yardley's businesses in the UK and other select European nations for an undisclosed amount. Wipro announced that it has signed an agreement with Lornamead Group to acquire the Yardley business in the UK and many other select countries of Europe (excluding Germany and Austria), the Indian firm said in a statement. This transaction further expands the geographic reach of the Yardley portfolio already owned by Wipro, it added. The company, however, did not mention about the value of this acquisition. [caption id=attachment_389274 align=alignleft width=380 Diversified company Wipro said it h
As India's third largest IT bellwether, Wipro too is battling to grow in a volatile currency market with uncertainty writ large due to global slowdown and sovereign debt crisis in Europe. Though the global software major grew its topline and bottomline in double digits on annualised basis in rupee terms, its net income and revenue from its IT services business slipped sequentially in dollar terms in the first quarter (April-June) of this fiscal (2012-13) from previous quarter (January-March) of last fiscal (FY 2011-12). As a result, the company Tuesday projected a flat growth of $1.54 billion revenue from its global IT services for the second quarter (July-September) of this fiscal (FY 2013). [caption id=attachment_388721 align=alignleft width=380 As India's third largest IT bellwet
Wipro shares fell 2.4 percent on Tuesday after India's no. 3 software services exporter forecast subdued IT services sales for the current quarter. Wipro said earlier consolidated net profit rose to Rs1580 crore for the fiscal first quarter ended June 30 from Rs 1335crore s a year earlier, meeting forecasts. Wipro stock has lost 13.7 percent so far in 2012. The shares are down 14 percent in July. [caption id=attachment_388452 align=alignleft width=380 Wipro shares fell 2.4 percent on Tu