Wipro inches up after announcing investment in Axeda

The announcement was made after market hours on Monday, 3 June 2013.

Meanwhile, the S&P BSE Sensex was up 84.02 points or 0.43% at 19,694.50.

On BSE, 9,169 shares were traded in the counter as against average daily volume of 2.34 lakh shares in the past one quarter.

The stock hit a high of Rs 329.85 and a low of Rs 327.45 so far during the day. The stock had hit a 52-week low of Rs 315.30 on 31 May 2013. The stock had hit a 52-week high of Rs 462.85 on 5 April 2013.

The stock had underperformed the market over the past one month till 3 June 2013, sliding 8.41% compared with the Sensex's 0.18% rise. The scrip had also underperformed the market in past one quarter, declining 22.69% as against Sensex's 3.66% gain.

The large-cap IT company has equity capital of Rs 492.70 crore. Face value per share is Rs 2.

Wipro said that with the investment in Axeda Corporation (Axeda), the company and Axeda will accelerate services and end-to-end solutions designed to help organizations connect with any asset, leverage real-time machine data to enhance business processes, and develop new innovative enterprise applications, Wipro said. As a Platinum Partner, Wipro will receive top-priority commitment from Axeda and preferential benefits such as dedicated access to Axeda trained technical resources and premium support and services to drive Machine-to-Machine (M2M) initiatives, Wipro said.

Wipro also said after market hours on Monday, 3 June 2013, that following an approval received from Sebi, Azim Premji Trust, a member of the promoter group, has transferred 6.1 crore shares of the company to Pioneer Independent Trust (Irrevocable Independent Trust) for the purpose of meeting the minimum public shareholding requirement of 25%.

Wipro's consolidated net profit rose 1% to Rs 1728.70 crore on 0.3% growth in income from operations to Rs 9613.10 crore in Q4 March 2013 over Q3 December 2012.

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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