Wipro shares drops over 1 per cent ahead of Q1
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Shares of Wipro Ltd slipped over 1 per cent ahead the IT company’s first Quarterly of financial year 2015-16.
At 11:50 am, Wipro stocks dropped 1.02 per cent at Rs 579.40 on BSE. On NSE, Wipro stocks slide 0.86 per cent at Rs 579.60.
As per reports, the country’s third largest IT company – Wipro, is is expected to meet its first quarter guidance with revenue and dollar revenue rising 0.8 percent and 0.7 percent sequentially, respectively.
India’s third largest IT services exporter Wipro will continue to scout for acquisitions, given its strong liquidity position on the balance sheet, chairman Azim Premji said at the company’s 69th AGM on Wednesday.
Addressing the shareholders, Premji said, “We have enough strength in the balance sheet for acquisitions.”
The IT major had recently announced the acquisition of Denmark-based digital design firm Designit for 85 million euros in an all-cash deal.
The Wipro chairman also reiterated the company’s focus on investing in technology startups through its venture capital fund. Wipro has set up a $100-million fund to invest in these companies.
On major changes sweeping the global technology industry, Premji said digital technology is a major trend in the IT services, adding the company is sufficiently investing in this segment.
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