Wipro gains after launching product

Wipro rose 0.41% to Rs 452.80 at 10:30 IST on BSE after the company announced the launch of its Open Banking application programming interface platform.

The announcement was made after market hours yesterday, 7 November 2016.

Meanwhile, the BSE Sensex was up 47.78 points, or 0.17%, to 27,506.77.

On BSE, so far 15,648 shares were traded in the counter, compared with average daily volume of 2.09 lakh shares in the past one quarter. The stock hit a high of Rs 455.85 and a low of Rs 450.60 so far during the day. The stock hit a 52-week high of Rs 606.75 on 20 April 2016. The stock hit a 52-week low of Rs 444.25 on 11 April 2016. The stock underperformed the market over the past one month till 7 November 2016, falling 5.38% compared with Sensex's 2.15% decline. The scrip also underperformed the market in past one quarter, dropping 17.23% as against Sensex's 2.21% fall.

The large-cap company has equity capital of Rs 486.16 crore. Face value per share is Rs 2.

Wipro said that the Open application programming interface (API) platform will enable banks and financial institutions to launch Open Banking initiatives and create new forms of distribution channels and servicing capabilities, provide access to third-party application marketplaces, and comply with emerging regulatory norms through the standardization of APIs. Open Banking is an emerging trend in financial technology that uses Open APIs to enable third party developers build applications and services around a financial institution.

It facilitates greater financial transparency and helps financial institutions innovate and create new revenue models. Open Banking has been gaining significant momentum across the globe, especially in the European banking industry - driven by changing regulatory mandates. Revised Directive on Payment Services (PSD2), is one such regulatory mandate that aims to standardize, integrate and improve payment efficiency in the European Union.

Wipro expects a large number of banks and financial institutions to adopt Open Banking initiatives to conform with evolving banking regulations, meet customers' digital expectations, and stay ahead in an increasingly competitive FinTech industry. These are transforming the way banks approach products and distribution, it added.

Wipro's consolidated net profit rose 0.9% to Rs 2070.40 crore on 1.45% rise in net sales to Rs 13896.80 crore in Q2 September 2016 over Q1 June 2016.

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

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