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Wipro Limited

6/19/2013, 12:15 PM ET

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Thursday, June 13, 11:25 AM Well, this is one way to get employees on your side: less than 2 weeks after returning as chairman, Infosys (INFY -1%) founder Narayana Murthy has announced across-the-board pay hikes. Shortly before Murthy returned, Infosys announced it would simplify its compensation structure. Meanwhile, Infosys and other IT outsourcing firms (ACN, WIT, CTSH) are closely watching the progress of a U.S. immigration reform bill. Many tech companies are pleased the bill could increase the number of H-1B visas granted each year to as many as 180K from a current 65K, but outsourcing firms are worried about a potential doubling of visa application fees. 2 Comments [Tech]
Tuesday, May 28, 5:55 AM Indian technology outsourcers such as Tata (TCS.BO) and Wipro (WIT) are widening their revenue streams by providing mortgage and foreclosure services to U.S. banks. The work will bring in an estimated $316M in revenue, double the amount in 2009. The outsourcers will vet applicants for mortgages and make sure that banks have all the documents needed to start foreclosure, although critics are wary about the lack of oversight of these third-party vendors. Comment! [Financials, Tech]
Tuesday, May 21, 6:00 PM After-hours top gainers, as of 5:30 p.m.: SKS +18.1%. DY +12.4%. NSPR +3%. NTAP +2.5%. WIT +2.4%.
After-hours top losers: YY -6.5%. UAN -5.1%. BZH -2.5%. YGE -1.9%. ADI -1.9%. Comment! [On the Move]
Monday, April 22, 5:54 PM After-hours top gainers, as of 5:15 p.m.: VECO +9%. SWFT +6%. ILMN +4%. WIT +4%. QCCO +3%.
After-hours top losers: BEAT -11%. RCII -6%. HOV -5%. RFMD -5%. REGI -4%. 1 Comment [On the Move]
Monday, April 22, 9:45 AM Wipro (WIT -6%) open lower after receiving a downgrade to Hold from Jefferies. Shares are now down 9% since the IT outsourcing firm provided light FQ1 guidance to go with its FQ4 results on Friday. Wipro stated on its earnings call it has seen "delays in discretionary spend" in certain business segments, and is also being affected by seasonal weakness in its Indian/Middle Eastern ops. On the flip side, the company boasted it added 192 new customers in FY13, up from 117 in FY12. Comment! [Tech, On the Move]
Friday, April 19, 12:44 AM Wipro (WIT): FQ4 Adj. Net income of $316M. Revenue of $2.02B (+12% Y/Y). (PR) Comment! [Earnings, Breaking News, Tech]
Thursday, April 18, 12:10 AM Notable earnings after Thursday’s close: ACTG, ALGN, AMD, BGS, CBST, CE, CMG, COF, CPHD, ETFC, GOOG, IBM, ISRG, LSCC, MSFT, RMBS, VMI, WIT Comment! [Earnings]
Wednesday, April 17, 5:35 PM Notable earnings after Thursday’s close: ACTG, ALGN, AMD, BGS, CBST, CE, CMG, COF, CPHD, ETFC, GOOG, IBM, ISRG, LSCC, MSFT, RMBS, VMI, WIT Comment! [Earnings]
Friday, April 12, 9:32 AM IBM (IBM -1.1%) and Wipro (WIT -5.7%) join the list of stocks affected by Infosys' (INFY -17.7%) revenue miss and light FY14 (ends March '14) guidance. In addition to forecasting soft revenue, the Indian outsourcing giant says it expects its pricing and margins to be pressured over the near-term, though the company's deal pipeline is said to be slightly better than what it was a year ago. Is the weakness simply a result of macro and government budget issues, or are cloud services also taking a toll? 1 Comment [Tech, Earnings, On the Move]
Monday, March 25, 6:54 PM With demand for basic software outsourcing work slumping, Indian IT services giants such as Infosys (INFY), Wipro (WIT), and HCL are trying to move upmarket into proprietary/value-added offerings. This has meant less hiring of entry-level coders, and more freedom for division chiefs the latitude to run their units as they see fit. Forrester thinks the industry's revenue/employee could grow at 5%/year over the next 2 years, up from 3% over the last 5. (Infosys big data/cloud products: I, II) Comment! [Tech]
Friday, February 22, 12:58 PM Indian tech stocks Infoysys (INFY +5.1%), Wipro (WIT +3.7%), and Sify (SIFY +2.1%) are rallying today. Earlier this week, Infosys announced BigDataEdge, a software/services platform that integrates giant datasets and delivers insights with the help of algorithms and custom dashboards. Oracle and big data infrastructure software startup Cloudera are launch partners. Infosys has been ramping its investments in differentiated services in the face of weak demand for traditional software outsourcing work. Comment! [Tech, On the Move]
Friday, January 18, 9:10 AM Premarket gainers: PATH +16%. LIFE +12%. NEWL +8%. RIMM +8%. MS +7%. SNE +7%. GERN +5%.
Losers: FNSR -10%. TSRX -9%. WIT -8%. COF -7%. INTC -6%.
2 Comments [On the Move]
Friday, January 18, 2:54 AM Wipro (WIT): FQ3 net profit +18% to 17.16B rupees ($316M) vs consensus of 16.45B rupees. Revenues +10% to 109.89B rupees vs 109.5B rupees. IT-service revenues +2.4% Q/Q to $1.577B. Expects FQ4 IT revenues at $1.585-$1.625B, broadly in line. Wipro's profit beat, along with strong results from Tata Consultancy and Infosys, suggests a turnaround in India's IT industry after it suffered last year. Wipro shares -5.6% in Bombay. (PR) Comment! [Earnings]
Friday, January 11, 9:38 AM Low expectations are doing wonders for Infosys (INFY +18.4%), which has taken off following its FQ3 beat. With full-year figures aided by the beat, the company is now guiding for FY13 (ends March 31) revenue of at least $7.45B and EPS of at least $2.97, above a consensus of $7.32B and $2.95. 8 major outsourcing deals with a combined value of $731M were signed, and cloud engagements (previous) rose by 20 Q/Q to 190. Gross margin, hurt by rising wages, fell 100 bps Q/Q and 600 bps Y/Y to 37%. WIT +6.6%. CTSH +4.2%. ACN +1%. (PR) Comment! [Tech, On the Move, Earnings]
Monday, December 17, 2012, 5:48 PM Infosys (INFY -0.5%) and Wipro (WIT -0.3%) failed to join today's tech rally following a Reuters column speculating Infosys may slash its FY13 revenue guidance next month. The recent downbeat comments of company execs are noted, as is a Dec. 6 UBS note arguing Infosys' guidance is threatened by deal delays, large project cutbacks, and Hurricane Sandy-related shutdowns. The column also notes "industry insiders" claim Infosys is "becoming more flexible on its premium pricing." Comment! [Tech, Earnings, Quick Ideas]
Tuesday, November 20, 2012, 12:13 PM A few more companies that appear to be casualties of H-P's FQ4 disaster (I, II): IT services firms Infosys (INFY -2.9%), Wipro (WIT -1.6%), and Sapient (SAPE -1.4%), hard drive vendors Seagate (STX -1.4%) and Western Digital (WDC -2.5%), and middleware vendor/H-P acquisition rumor subject Tibco (TIBX -3.4%). (previous) Comment! [Tech, On the Move]