Country leading IT bellwether Wipro, which operates in information technology (NYSE:IT) and FMCG space, witnessed surge in its shares for the third straight session on the market report that the company might be hiving off its consumer care and lighting business unit.
Riding high on the report, shares of the company gained 2.2 per cent to touch intra-day high of Rs 355.20 per piece, before closing at Rs 350.80 per piece. The IT giant is also expected to announce its second quarter earning numbers on Friday.
Meanwhile, the company refused to comment on the market report of hiving off its consumer care and lighting business unit ahead of its Q2 numbers. Wipro Consumer Care and Lighting (WCCLG) is a business unit of Wipro Limited operates in the FMCG segment offering a wide range of consumable commodities.
The FMCG unit, which contributes only nine per cent revenue to the company, has shown remarkable growth in the last few years. The consumer care and lighting business unit has reported a growth of 11 per cent in the last 9 years. As per the company's FY2012 annual report, WCCLG has posted total revenue of Rs 3,340 crore and profit before interest and tax at Rs 395.60 crore.