Wipro Pares Morning Gains

India’s third largest Information Technology services corporation, Wipro Limited is hogging limelight on the Wednesday’s trading session. The company has recently reported the strong financial results beating street expectations. The revenue for the quarter ended March 31, 2017, came in 4.2 % higher than the estimated figure of Rs 13881 Cr.

As per the leading national daily, the company recently laid off around 600 employees. The move by the company comes when the IT industry is reeling under pressure because of the Donald Trump’s stricter visa rules and rupee appreciation.

The company’s pro-active approach towards the acquisitions to develop the digital technology is not witnessing enough growth in the company’s organic business. The company had acquired two companies namely HealthPlan Services and Appirio in 2016 for worth Rs 1 billion USD.

The stock attracted 54,50,512 shares in its traded volume and Rs 274.49 Cr in traded value as of 1048 hours on Wednesday. The stock witnessed gap-up opening with the gains of 1.7% and is now trading at around Rs 496 per share on NSE.

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About Suhani Varma

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