Wipro drops in early trade

Wipro fell 0.26% to Rs 533.50 at 9:19 IST on BSE, with the stock sliding in early trade after the company announced a strategic partnership with Schneider Electric to develop convergent solutions for India's Smart Cities.

The announcement was made after market hours yesterday, 15 March 2016.

Meanwhile, the S&P BSE Sensex was up 10.37 points or 0.04% at 24,561.54.

On BSE, so far 1,946 shares were traded in the counter as against average daily volume of 1.34 lakh shares in the past two weeks. The stock hit a high of Rs 535.40 and a low of Rs 533.50 so far during the day. The stock had hit a 52-week high of Rs 663 on 25 March 2015. The stock had hit a 52-week low of Rs 508.90 on 29 February 2016.

The large-cap company has equity capital of Rs 494.13 crore. Face value per share is Rs 2.

Schneider Electric is a global specialist in energy management and automated systems. As part of the partnership, Wipro and Schneider Electric will collaborate to enable the delivery of cost-effective and efficient citizen services to urban and rural communities. Both organizations will jointly develop solutions in the smart city space for India and global markets. Smart Cities have a strong and equal play of operational technology (OT) along with information technology (IT) to provide convergent solutions. Wipro and Schneider already have a strong partnership around IT, Data Centers, connectivity, Intelligent Building Management Systems and Data Center Infrastructure Management solutions. Both the companies are now collaborating to focus on key OT areas like energy optimization, analytics and citizen service improvement for smart cities, Wipro said in a statement.

Wipro's consolidated net profit declined 0.05% to Rs 2234.10 crore on 3.06% growth in net sales to Rs 12951.60 crore in Q3 December 2015 over Q2 September 2015.

Wipro is a leading information technology, consulting and business process services company.

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