Wipro inches up after signing pact to acquire cellent AG

Wipro rose 0.04% to Rs 578 at 10:40 IST on BSE after the company said it has signed an agreement with Landesbank Baden-Wuerttemberg to acquire 100% equity stake in cellent AG for 73.5 million euros.

The announcement was made after market hours yesterday, 2 December 2015.

Meanwhile, the S&P BSE Sensex was down 143.54 points or 0.55% at 25,974.31.

On BSE, so far 34,000 shares were traded in the counter as against average daily volume of 70,000 shares in the past two weeks.

The stock was volatile. The stock rose as much as 1.6% at the day's high of Rs 587 so far during the day. The stock lost as much as 0.27% at the day's low of Rs 576.15 so far during the day. The stock had hit a 52-week high of Rs 676.90 on 11 March 2015. The stock had hit a 52-week low of Rs 512.55 on 24 April 2015.

The stock had outperformed the market over the past one month till 2 November 2015, advancing 0.51% compared with Sensex's 1.66% fall. The scrip had also outperformed the market in past one quarter, gaining 3.93% as against Sensex's 2.61% rise.

The large-cap company has equity capital of Rs 494.05 crore. Face value per share is Rs 2.

cellent AG is a leading IT consulting and software services company and has been offering holistic innovative IT solutions and services to its customers in the DACH region of Germany, Austria and Switzerland for the past 14 years. cellent AG clocked revenue of 87 million euros in the year ended 31 December 2014. This acquisition will provide Wipro with significant scale and prime customer relationships, especially in the manufacturing and automotive domains, which are key industry sectors in the DACH region. The acquisition is expected to be concluded in Q4 March 2016.

Wipro's consolidated net profit rose 2.18% to Rs 2235.40 crore on 1.58% growth in net sales to Rs 12566.80 crore in Q2 September 2015 over Q1 June 2015.

Wipro is one of the leading IT services provider.

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