Wipro creeps higher on launching automotive center of excellence

Wipro rose 0.25% to Rs 302 at 9:25 IST on BSE after the company announced the launch of an automotive center of excellence in Timisoara, Romania.

The announcement was made before market hours today, 12 September 2017.

Meanwhile, the S&P BSE Sensex was up 128.44 points, or 0.4% to 32,010.60.

On the BSE, 13,610 shares were traded in the counter so far, compared with average daily volumes of 3.05 lakh shares in the past one quarter. The stock had hit a high of Rs 302.75 and a low of Rs 301.85 so far during the day. The stock had hit a 52-week high of Rs 303.55 on 11 September 2017. The stock had hit a 52-week low of Rs 205 on 9 November 2016.

The stock had outperformed the market over the past one month till 11 September 2017, gaining 3.92% compared with 2.14% gains in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 12.25% as against Sensex's 1.98% rise. The scrip had also outperformed the market in past one year, gaining 25.35% as against Sensex's 10.71% rise.

The large-cap company has equity capital of Rs 973.34 crore. Face value per share is Rs 2.

The Automotive Center of Excellence (CoE) will help Wipro deliver innovative embedded software solutions for its global and European clients. This engineering center in Romania is part of Wipro's global delivery network that offers best-in-class engineering and IT services.

The company plans to hire experienced technology professionals and engineering graduates from top universities in Romania, to work across technology domains such as in-vehicle infotainment, cluster display, telematics, connected cars and advanced driver assistance systems (ADAS).

Currently, Wipro has development centers in Bucharest and Timisoara. In order to accommodate the increasing workforce, Wipro has expanded the office space to over 12,000 square metres in Bucharest and over 3,000 square metres in Timisoara.

Wipro's consolidated net profit fell 8.13% to Rs 2082.60 crore on 2.58% fall in net sales to Rs 13626.10 crore in Q1 June 2017 over Q4 March 2017.

Wipro is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better.

Powered by Capital Market - Live News