Wipro lost 0.16% to Rs 490.80 at 11:25 IST on BSE after the firm said it will discontinue manufacturing of Wipro branded desktops, laptops and servers to enable the company to focus on IT solutions and services.
The announcement was made after market hours on Wednesday, 4 December 2013.
Meanwhile, the S&P BSE Sensex was up 352.96 points or 1.7% at 21,061.67.
On BSE, 44,000 shares were traded in the counter as against average daily volume of 3.18 lakh shares in the past one quarter.
The stock was volatile. The stock lost as much as 0.71% at the day's low of Rs 488.10 so far during the day. The stock rose as much as 1.5% at the day's high of Rs 499 so far during the day.
The stock had outperformed the market over the past one month till 4 December 2013, rising 1.37% compared with the Sensex's 2.5% fall. The scrip had, however, underperformed the market in the past one quarter, advancing 2.09% as against Sensex's 11.53% surge.
Wipro said it will discontinue manufacturing of Wipro branded desktops, laptops and servers in its endeavor to strengthen its position as a system integrator and increase its focus on IT solutions and services. Wipro said that the company took this decision after evaluating the changing market scenario and customer needs. Wipro will, however, be present in the PC market by providing suitable brands as a part of its solution offerings in large integrated deals.
Wipro reported 28% growth in consolidated net profit from continuing operations to Rs 1932 crore on 19% growth in revenue from continuing operations at Rs 10992 crore in Q2 September 2013 over Q2 September 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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