Wipro chairman Rishad Premji takes 50% salary cut
As net profit for FY23 was negative, Wipro determined that no commission was payable to Rishad Premji
As net profit for FY23 was negative, Wipro determined that no commission was payable to Rishad Premji
The IT major was the top gainer on the BSE Sensex as investors cheered the buyback of 26.96 crore shares at a premium of 19%.
HCL Tech shares climbed over 3% in early trade, whereas TCS, Infosys, and Wipro gained nearly 1% on the BSE.
There will be no change in relative positioning despite worsening macros as it has not translated to client cutting spending on existing projects, says ICICI Securities.
Bernstein downgrades Wipro and LTTS while JP Morgan has remained underweight on the Indian IT sector.
Wipro joins the likes of Google, Microsoft, Meta and Amazon; the company’s Q3 FY23 attrition rate stood at 21.2%.
Post December quarter results, the majority of experts remained bullish on Wipro shares and recommended ‘Buy’ ratings.
The BSE IT index witnessed broad-based selling, with most of sectoral heavyweights such as TCS, Wipro, HCL Tech, and LTIMindtree reeling under selling pressure.
Indian IT firms generate around 60-65% of its revenues from the US market and 20-25% from the European market.
Employment and retrenchment including lay-offs are a regular phenomenon in industrial establishments, says Minister of State for Labour & Employment Rameshwar Teli.