Wipro joins WEF initiative to advance racial justice, social equality

3Mar

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Business

Wipro joins WEF initiative to advance racial justice, social equality

IT software major Wipro Ltd has joined the Partnering for Racial Justice in Business initiative launched by the World Economic Forum to promote a culture of diversity, inclusion, equity, and justice for people of all racial backgrounds in the workplace. The initiative is aimed towards driving action and accountability for companies to confront racism at a systemic level, set new global standards for racial justice in business, and accomplish necessary policy changes for the inclusion and advancement of professionals with under-represented racial and ethnic identities. "As a global brand that influences millions of lives across the world, it is our responsibility to accelerate every attempt towards equity and justice," said Thierry Delaporte, Wipro's Chief Executive Officer, and Manag...

Wipro employees had a role in Citi’s big blunder

27Feb

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Business

Wipro employees had a role in Citi’s big blunder

Two Wipro employees had a role to play in what has been described as one of Citibank's biggest blunders. The case involves one where Citibank acted as an administrative agent for a term loan taken by Revlon, and where it was to wire approximately $7.8 million in interest payments to Revlon’s lenders. Instead, Citibank wired almost $900 million. It mistakenly sent the principal amount too. "The resulting payments equaled — to the penny — the amounts of principal and interest that Revlon owed on the loan to its lenders. The question, in this case, is whether Citibank is entitled to get the money back or whether the lenders are allowed to keep it,” the US court filing showed. The transaction was subject to Citibank’s “six-eye” approval procedure, which requires three people to review...

Equity indices flat amid mixed global cues, IT stocks gain

12Feb

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Business

Equity indices flat amid mixed global cues, IT stocks gain

Equity benchmark indices were flat with a positive bias during early hours on Friday but IT stocks surged ahead with some gains. At 10:15 am, the BSE S&P Sensex was up by 64 points or 0.12 percent at 51,596 while the Nifty 50 ticked higher by 19 points or 0.12 percent to 15,192. Sectoral indices at the National Stock Exchange were mixed with Nifty IT up by 1.3 percent and realty by 0.9 percent. But Nifty FMCG was down by 0.8 percent. Among stocks, Wipro moved up by 2.4 percent to Rs 447.50 per share. Infosys and Tech Mahindra gained by 1.8 percent each while HCL Technology and Tata Consultancy Services edged higher by 0.9 percent. The other major gainers were Grasim, ICICI Bank, Reliance Industries, and Hero MotoCorp. However, diversified conglomerate ITC plunged b...

Indian shares slip as IT stocks drag after Infosys, Wipro results

14Jan

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Business, India

Indian shares slip as IT stocks drag after Infosys, Wipro results

Indian shares edged lower on Thursday as investors booked profits in IT stocks after heavyweights Infosys and Wipro posted December-quarter results, while awaiting details on a major U.S. stimulus package due later in the day. The blue-chip NSE Nifty 50 index fell 0.2% to 14,543 and the benchmark S&P BSE Sensex was down 0.2% at 49,382.53 by 0506 GMT. The Nifty IT index, which gained 55% in 2020 and has risen 9.3% so far in January, was down 1.9% in morning trade to be a major laggard in the Nifty 50 index. Infosys Ltd shares, which rose over 6% this week in the run-up to the company’s results till Wednesday, were down 2.8%. India’s second-biggest software services firm by market value raised its annual revenue growth forecast after posting a rise in December quarter profit and r...

29May

By News RoomNo Comments

Business, Technology

Wipro names Thierry Delaporte as CEO

India’s Wipro Ltd on Friday named Thierry Delaporte as the new chief executive officer and managing director of the IT company, replacing Abidali Neemuchwala. Delaporte was most recently the chief operating officer of French consulting and technology firm Capgemini Group. Wipro said in January Neemuchwala had decided to step down due to family commitments. Neemuchwala will step down as CEO on June 1 while executive chairman Rishad Premji will oversee day-to-day operations of the company until Delaporte takes over on July 6, Wipro said. Neemuchwala joined Wipro in April 2015 as the president and chief operating officer, after having served at larger rival Tata Consultancy Services Ltd.