Shares of the Bengaluru-headquartered IT giant Wipro tanked over 2.5% to the lowest level since 28 March 2018 after the company said that client’s insolvency weighs on the profitability and revenue of India’s third-largest IT company Wipro. The stock of Wipro marked the lowest level since 28 March 2018 and the biggest intraday drop since 26 March 2018. Earlier yesterday, Wipro said that the revenue and profitability will be impacted due to an insolvency petition filed by an Indian telecom client.

Wipro, India’s third largest information technology services company, on Tuesday said it has opened a technology center in Plano, Texas, and plans to grow its headcount to 2000 in the US state over next few years. The Bengaluru-headquartered company has around 1400 employees working in Texas alone.

The Texas technology centre which will initially employs around 150 people, is focused on developing capabilities in new and emerging technologies.

Wipro, India's third largest IT services firm, has signed a definitive agreement to divest its hosted data centre business to Illinois-based hybrid IT services provider Ensono for $405 million (Rs 26.26 bn). The data centre business of the company consists of Wipro Data Centre and Cloud Services, Inc in the US and a portion of datacenter business in Germany and the UK.

Billionaire Paul Singer’s Elliott Management Corp. has bought a stake in Wipro Ltd., its first ever purchase of an Indian-based software outsourcer. The New York hedge fund acquired 1.855 million American depositary receipts, or about 0.04 percent of Wipro’s share capital, according to a filing with the U.S. Securities & Exchange Commission.

India’s third largest IT services exporter Wipro has announced an investment of $8.8 million to pick up 33.3% stake in Denim Group, a US based application security firm. Through this investment, Wipro now plans to jointly leverage along with Denim Group to address the cybersecurity market.

Wipro consumer care and Lighting has launched Wipro Z Nxt, an integrated home automation solution. The system helps user get the complete control of the house/office components with the help of their smartphones. It integrates easily with all the home appliances without replacing the existing switches and wires. All electrical appliances can be easily controlled from an android/iOS app, a remote controller and through voice recognition.

Bengaluru: Wipro Ltd has entrusted its current head of manufacturing and technology practice to head the energy vertical, and created a new role for the head of oil and gas practice, marking the first management changes under chief executive Abidali Neemuchwala, who took over as boss of India’s third largest information technology (IT) outsourcing company in February 2016.

Wipro, the country’s third-largest IT services exporter, has announced $9.9-million investment in US-headquartered digital marketing company Harte Hanks to pick up a 16% stake. In a notice to the exchanges, Wipro said under this deal, both companies will expand their existing partnership to offer end-to-end marketing technology services. They will jointly market a big data analytics and machine learning platform, Opera Solutions Signal Hub. Harte Hanks, which was founded in 1923 with more than 5,000 employees globally, reported a net loss of $2.7 million for the second quarter of 2017 calendar year.

Bengaluru: Wipro Ltd’s chief executive officer (CEO) Abidali Neemuchwala says his nearly two-year effort to bring about a turnaround at India’s third largest information technology (IT) company is almost complete and it is just a matter of time before the Bengaluru-based firm starts reporting industry-matching growth.

Wipro, India’s third largest IT services exporter, reported a 11.6% sequential decline in net profit for the third quarter of the current fiscal due to a one-time financial impact caused by the insolvency of a client from its energy, natural resources and utilities vertical. According to Wipro, the impact from the insolvency was Rs 317.50 crore ($49.7 million). The net profit at the end of three-month period ended December 2017 stood at Rs 1,936 crore against Rs 2,190 crore in the comparable period three months ago.

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