Wipro Limited on Tuesday announced a strategic partnership with the Indian Institute of Science (IISc) to conduct advanced applied research in autonomous systems, robotics and 5G space. The two organisations have jointly set up the Wipro IISc Research and Innovation Network (WIRIN), an industry academia collaboration unit.
Top information technology companies such as TCS, Wipro, Infosys, Tech Mahindra and HCL have told the government that China remains a difficult market to do business in, despite the fact that they have been present in the world’s third-largest IT services market for over a decade now.
In a meeting with commerce and industry minister Piyush Goyal late on Wednesday, the top executives of these companies said market access in China is a nagging issue, thanks to various non-tariff barriers employed by Beijing.
Wipro will begin its Rs 10,500 crore buyback process on August 14 and close on August 28. The last date for the settlement of bids on the exchange is September 9, the company said Tuesday. The IT company’s board on April 16 had approved a buyback of up to 323 million equity shares, 5.35 per cent of the paid-up equity capital of Rs 325 each for an aggregate amount not exceeding Rs 10,500 crores.
Wipro’s weak start to the year will lead to another year of mid-single digit growth. Financial services, the principal growth driver, may hit an air pocket. Rest of the verticals have not displayed enough muscle to paper over the gap that financial services can potentially create. Net result is a high chance that FY2020E growth could be similar or lower than FY2019 growth. We cut revenue growth estimates and retain our cautious view. Fair value is cut to Rs 260 (from Rs 270 earlier).
IT services major Wipro continued to witness tepid revenue growth in the first quarter of the ongoing financial year owing to uncertainty in the macro environment apart from delay in closure of large projects.
Operating margins also dipped because of rising wage cost and higher expenses due to changing onshore-offshore mix, in spite of the company reporting forex gains.
In his last address to shareholders as Executive Chairman of Wipro, Azim Premji on Tuesday said the information technology (IT) services firm is focusing on four new-age technology areas such as digital, cloud, engineering services, and cybersecurity to drive its growth.
After more than five decades of chairmanship of the company, Premji will pass on the mantle to his son Rishad Premji at the end of July, though he will continue to serve on the board as non-executive director and founder chairman.
It’s the end of a long era at Wipro as Azim Premji, chairman of the software major, calls it a day, handing over charge to his elder son, Rishad, after leading the company for more than 50 years. The Bengaluru-headquartered company on Thursday announced Premji, 75, will step down as executive chairman on July 30.
IT company Wipro on Wednesday announced that it had signed a definitive agreement to acquire International TechneGroup Incorporated (ITI), a global digital engineering and manufacturing solutions company. Wipro would buy the American firm for $45 million (around Rs 312 crore). ITI is a Computer Aided Design (CAD) and Product Lifecycle Management (PLM) interoperability software services company. Through its solutions for Model-Based Enterprise (MBE), data interoperability and data migration, ITI helps firms go digital.
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.