Bottom'S At Hand, Feel Queasy Bulls

Wipro Technologies, formerly known as Wipro Software and Services, yesterday said it had broadened its strategy for future acquisitions to include companies that have expertise in telecom software and systems software in the list of takeover targets.

It had earlier said that it was interested in taking over e-commerce companies.

"There are opportunities in the market and we are looking at the options. If we find a target in the Indian market, the funding will be through share swap. If it is an overseas target, it will be through American depository receipts," vice-chairman Vivek Paul said.

He, however, declined to state the size of the target company and said the most important aspect of acquisition was the integration.

Wipro said it had taken into consideration the various restructuring options suggested by Morgan Stanley. It would move swiftly on these if needed, the company said.

The company's software and services business grew 55 per cent to Rs 440.7 crore in the first half of the current fiscal. Profit before interest and tax stood at Rs 114.6 crore, an increase of 39 per cent.

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