Wipro News

Wipro's Q2 earnings are under scrutiny, with various brokerages providing mixed forecasts. JM Financial expects a 1.7% YoY revenue decline to Rs 22,134 crore but a 19% PAT increase. Sharekhan predicts a slight revenue rise, while Axis Securities anticipates a drop. Nuvama expects a minor revenue dip but a PAT increase of over 12%. Key focus areas include management commentary and future growth guidance.

Wipro might issue bonus shares for the 14th time, the highest among Nifty companies, during its board meeting for second quarter results. Historically, the IT services company has frequently rewarded shareholders with bonuses, aimed at improving stock liquidity and affordability, unlike peers Infosys and TCS.

Indian equity indices opened higher on Monday, with the Sensex gaining 315 points and Nifty50 rising 93 points as investors awaited domestic inflation data and earnings reports from Reliance Industries and HCL Tech. Wipro shares surged over 3% on news of a potential bonus share issue.

Wipro shares increased by 3% on BSE following the announcement that its board will consider issuing bonus shares in October 2024. This move aims to make stock more affordable for investors. All shareholders owning shares before the record date will be eligible. Wipro has seen a 13% rise in its shares in 2024 so far.

Stocks in News Today: The Board of Wipro will consider issuing bonus shares to investors along with its financial results for the quarter ended September 2024.

Wipro Bonus Issue: In an exchange filing, the company stated that its board would discuss the proposal for issuing bonus shares in accordance with the applicable provisions of the Companies Act, 2013, during a meeting scheduled for October 16-17.

Wipro's Board plans to consider issuing bonus shares to investors during its October 16-17 meeting while revealing September 2024 quarter results. This move aims to boost stock liquidity and affordability. The bonus shares will be fully paid and retain the same rights as existing shares.

WIPRO LTD.has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 17/10/2024 ,inter alia, to consider and approve The Board of Directors of the Company will be considering a proposal for issue of bonus shares, in accordance with the applicable provisions of the Companies Act, 2013 (including the rules and regulations framed thereunder), the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, at its meeting scheduled to be held over October 16-17, 2024.This intimation is pursuant to Regulation 29 (1)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.The outcome of the Board meeting will be communicated to the stock exchanges soon after conclusion of the Board meeting on October 17, 2024.

The psychological support of 25,000 was breached on a closing basis for two consecutive days, which indicates that the weakness is likely to continue, Tejas Shah, Technical Research at JM Financial & BlinkX said. At the current juncture, the bears are in full control of the markets and are using every pullback rally to create short positions, he said.

Infosys, Wipro and HCL Technologies face high expectations amid investor concerns over a potential market correction. The 2025 financial year is seen as a recovery period for Indian IT firms after a slowdown in US client spending. All eyes will be on upcoming earnings reports and updates on significant projects, especially in AI.

CEO K Krithivasan cited “some signs of improvement, most notably in financial services in North America,” acknowledging that the “demand outlook continues to remain cautious”, on an analyst call after earnings were announced. A planned press conference was cancelled due to the death of Ratan Tata.

Grant of Restricted Stock Units

Press Release - Wipro Limited to Announce Results for the Second Quarter Ended September 30, 2024, on October 17, 2024

Allotment of Equity Shares

Press Release

Indian IT cos are projected to see up to 4% revenue growth for the quarter ending September 30, 2024. Analysts foresee positive trends for FY25, with large-cap firms anticipated to show stable or slight increases in earnings, driven by volume growth and new deals.

The Nifty IT Index surged 19.6% in the last 6 months against an up move of 11.1% in the benchmark Nifty Index in the same period. Investec said that the surge in the IT stocks has been in anticipation of a recovery despite the earning downgrades.

Pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is informed that Wipro, Inc. has been incorporated as a wholly-owned subsidiary of Wipro Limited (the "Company") with effect from September 30, 2024. The Company received intimation to this effect from October 4, 2024.

Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2024

Iran fired over 180 missiles into Israel, causing the Sensex to fall by over 1,700 points. Investors are worried about the war's impact on crude oil prices and global supply chains. Several Indian companies with presence in Israel experienced stock fluctuations. Concerns about oil supply disruptions have risen following Israel's response and potential threats to Iran.

The trading window for dealing in the securities of the Company has been closed from September 16, 2024 till the close of trading hours of October 19, 2024 (both days inclusive).

WIPRO LTD.has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 17/10/2024 ,inter alia, to consider and approve a) the condensed audited standalone and consolidated financial results of the Company under lndAS for the quarter and half year ended September 30, 2024.b) the condensed audited consolidated financial results of the Company under IFRS for the quarter and half year ended September 30, 2024.The financial results would be finally approved by the Board of Directors on the evening of October 17, 2024.

Sensex and Nifty ended their streak of record highs, closing in the red due to declines in heavyweight financial stocks. Sensex fell by 264 points to 85,571, while Nifty dropped 37 points to 26,178. Gains in IT and metal stocks partially offset the losses. Sequent Scientific surged over 14% after announcing a merger with Viyash Life Sciences. ​Despite the decline in blue-chip indices, the market capitalisation of all listed companies on the BSE surged by Rs 77,280 crore to Rs 477.92 lakh crore.

Shares of Indian IT companies like Infosys, Wipro, and Tech Mahindra surged up to 4% after Accenture's strong Q4 results and increased revenue guidance for FY25. Analysts expect growth to improve in FY26, driven by factors such as interest rate cuts and potential changes in US corporate decision-making post-2024 elections.

Just before the announcement by the US Fed, there was a sudden bout of selling in IT stocks. The IT index saw a cut of more than 3 percent and the decline in stock was across the board, whether large or mid-cap IT stocks, all of them witnessed a cut. If this is appearing unexpected, then probably consider just one simple fact that amongst IT is the sector where the FPI has one of the highest exposure. So, if there is a sector where there can be an implication of recession in the US and a hedge fund decides to sell then it would be IT stocks which will be on top of the list of selling. So there will be short term unexpected and what might appear to be the unexplained bout of selling which may come. But the bigger reason is the strength of the balance sheet and experience to deal with headwinds.

Allotment of Equity Shares

Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

The US Federal Reserve's 50 basis points rate cut has led to a significant surge in Indian markets, with Sensex and Nifty hitting fresh all-time highs. Key gainers include NTPC, LTI Mindtree, and Wipro. The combined market capitalization of BSE-listed stocks advanced by Rs 2.5 lakh crore.

According to domestic brokerage firm JM Financial, the confirmed rate cut could affect the IT sector in three ways: by increasing stock values through a reduced cost of equity, boosting discretionary demand due to economic recovery, and enabling higher operational expenses due to lower interest burdens on companies

Wipro Ltd., incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 280075.29 Crore) operating in IT Software sector.

Dalal Street remained cautious ahead of the US Fed meeting, with Sensex and Nifty flat; Bajaj Housing Finance continued its rally.

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Allotment of Equity Shares

Press Release - Wipro Builds an AI-Enabled Data Strategy for JKF International Air Terminal

IT stocks surged on Tuesday, with Coforge hitting a 52-week high. Analysts from Motilal Oswal and Nuvama foresee recovery in the sector, citing potential rate cuts and evolving work distribution.

The Indian FMCG sector is witnessing a surge in mergers and acquisitions, with Britannia reportedly in talks to acquire Kishlay Foods. This trend follows previous acquisitions of DTC startups, spice makers, and now snack companies. Major players like ITC, Dabur, and Tata Consumer Products are leading the charge, driven by competitive intensity and limited organic growth opportunities.

Grant of Restricted Stock Units

Intimation of Schedule of Analyst / Institutional Investor Meeting under the SEBI (Listing Obligations and Disclosure Requirement), 2015

Allotment of Equity Shares

Wipro Enlisted by JFK International Air Terminal to Meet Sustainability Targets