Wipro gains ahead of Nifty inclusion

Wipro rose 1.12% to Rs 460 at 09:20 IST on BSE ahead of the stock's inclusion in the National Stock Exchange's 50-share CNX Nifty index with effect from 27 September 2013.

Meanwhile, the S&P BSE Sensex was down 215.84 points, or 1.27%, to 17,739.84

On BSE, 15,499 shares were traded in the counter as against an average daily volume of 1.97 lakh shares in the past one quarter.

The stock hit a high of Rs 461 and a low of Rs 457.20 so far during the day. The stock had hit a 52-week high of Rs 473.20 on 14 August 2013. The stock had hit a 52-week low of Rs 315.30 on 31 May 2013.

The stock had outperformed the market over the past one month till 27 August 2013, rising 18.83% compared with the Sensex's 9.01% fall. The scrip had outperformed the market in past one quarter, gaining 33.75% as against Sensex's 10.3% slide.

The large-cap company has an equity capital of Rs 492.94 crore. Face value per share is Rs 2.

As part of periodic review, IT major Wipro will enter the National Stock Exchange's 50-share CNX Nifty index with effect from 27 September 2013 while Reliance Infrastructure would exit. Shares of Reliance Infrastructure lost 3.55% to Rs 319.40.

The decision regarding these changes were announced after market hours on Tuesday, 27 August 2013 by the India Index Services & Products, a joint venture of NSE and Crisil, which manages the various indices at the exchange.

Earlier, Wipro was dropped from the CNX Nifty index from 1 April 2013 due to demerger of non-IT business into a separate company Wipro Enterprises.

Meanwhile, the rupee hit a record low against the dollar below 67 mark today, 28 August 2013. The partially convertible rupee was trading at 67.18 per dollar, sharply lower than its close of 66.24 on Tuesday, 27 August 2013. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

Wipro's consolidated net profit rose 3% to Rs 1623.30 crore on 1% growth in revenue to Rs 9734.60 crore in Q1 June 2013 over Q4 March 2013. The results are as per International Financial Reporting Standards. The results are after adjusting for the spinoff of its non-technology businesses, completed in April.

Wipro provides comprehensive IT solutions and services, including systems integration, information systems outsourcing, IT enabled services, package implementation, software application development and maintenance, and research and development services to corporations globally.

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