Wipro Hits Record Volume

Wipro Ltd, India's information technology leader has recorded an all-time high trading volume of 23.06 lakh shares on Bombay Stock Exchange and National Stock Exchange yesterday. On BSE, Wipro's volume zoomed to 11.57 lakh share""up by 61.1 per cent over the Wednesday's volume of 7.18 lakh shares. On NSE, the volume grew by 88.7 per cent at 11.49 lakh shares. Wipro's record volume that accounts for one per cent of the company's equity base changed the sentiment of market. Wipro which was frozen at higher level of circuit filter of eight per cent rose further to clocked gain of 10.64 per cent at Rs 3046.05. Wipro's meteoric rise lifts BS ICE by 5.18 per cent in single day. Wipro ranked number one by market capitalisation (Rs 69,815 crore) never reported such a large volume before. Though the stock shot up to an all-time record high of Rs 9800 in February 21, the volume remains in the region of 2-5 lakh shares each on NSE & BSE. Wipro's volume drop considerably after the stock hits a low of 1602 in May 2000. The market attribute this to Tuesday's visit by Japanese prime minister Yoshiro Mori's visit to Wipro Ltd., the largest Indian provider of IT services to the Japanese market. Azim H. Premji, chairman of Wipro Ltd., see Mori's visit bringing more business to Indian companies from Japan. Currently, Wipro's software exports to Japan accounts for almost 10 per cent of its total exports. The sentiment in Wipro stock also changed on expectation of revenues grow of 30-40 per cent in financial year 2000-01. Arun K. Thiagarajan, vice chairman of Wipro Ltd., said this during the weekend. Wipro is also in the initial stages of talks to manufacture personal computers for other players.