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Wipro Limited - WIT STOCK NEWS

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Wipro Limited, headquartered in Bengaluru, India, is a leading global provider of information technology, consulting, and business process services. With a workforce of 175,000 employees worldwide, Wipro has established itself as a key player in the IT services sector.

Founded in 1945, Wipro has grown substantially over the decades, particularly in the IT services domain. The company leverages its offshore outsourcing model, deriving over 57% of its revenue from North America. Wipro offers a comprehensive range of services including traditional IT services such as consulting, managed services, and cloud infrastructure services, in addition to business process outsourcing (BPO).

In recent years, Wipro has achieved several key milestones. For instance, the company has forged strategic partnerships with industry leaders to expand its service offerings and enhance its technological capabilities. Wipro's investment in emerging technologies like artificial intelligence, machine learning, and cybersecurity has positioned it at the forefront of innovation in the IT sector.

One of Wipro's significant strengths lies in its diverse portfolio. The company serves various industries, including banking, financial services, manufacturing, retail, and healthcare. This diversification has enabled Wipro to maintain a stable financial condition, evidenced by its consistent revenue growth and profitability.

Wipro is also known for its commitment to sustainability and corporate social responsibility. The company has implemented numerous initiatives aimed at reducing its environmental footprint and contributing to the well-being of the communities it operates in.

Currently, Wipro is involved in several high-impact projects. These include digital transformation initiatives for global enterprises, the development of next-generation IT solutions, and the enhancement of its cloud and infrastructure services. These projects are expected to drive further growth and solidify Wipro's position as a global IT services leader.

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Wipro announced financial results for Q2 2024, with key highlights including:

- Gross revenue at Rs 219.6 billion ($2,635.8 million), down 1.1% QoQ and 3.8% YoY
- IT services segment revenue at $2,625.9 million, down 1.2% QoQ and 5.5% YoY
- Large deal bookings at $1,154 million, down 3.1% QoQ and 3.6% YoY
- IT services operating margin at 16.5%, up 0.1% QoQ and 0.4% YoY
- Net income at Rs 30.0 billion ($360.4 million), up 5.9% QoQ and 4.6% YoY
- EPS at Rs 5.75 ($0.071), up 5.9% QoQ and 9.9% YoY
- Operating cash flows at Rs 40.0 billion ($479.0 million), up 6.5% YoY

The company expects Q3 2024 IT Services revenue to be between $2,600-$2,652 million, translating to -1.0% to +1.0% growth in constant currency terms.

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Wipro (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, will release its financial results for the first quarter ended June 30, 2024, on July 19, 2024, after market hours in India. The results will be available on Wipro's investors' website.

A conference call to discuss the performance will be held at 7:00 PM IST (9:30 AM US ET) on the same day. Questions for the call need to be submitted by 6:30 PM IST (9:00 AM US ET) and the audio will be available via webcast.

Dial-in details and toll-free numbers for accessing the call are provided, with a replay available from July 19 to July 26, 2024.

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Wipro has been chosen by Hanesbrands to accelerate its digital transformation, emphasizing AI, cloud, data, and analytics. This partnership extends their existing relationship and involves Wipro defining Hanesbrands' cloud roadmap and integrating business functions to optimize operations. The collaboration aims to improve product lifecycle processes, ensuring faster time-to-market and enhanced profitability. Wipro's domain expertise, particularly in the apparel industry, and its experience in complex tech transformations are expected to drive innovation and long-term growth for Hanesbrands.

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Wipro announced a strategic collaboration with Hewlett Packard Enterprise (HPE) to launch an on-premise GenAI solution at Wipro's Cloud Studio in Kodathi. Designed to enhance operational efficiency and customer experience, this platform leverages Wipro's Smart Operations and HPE's Machine Learning Development Environment. Field tests show it reduces Mean Time to Resolution (MTTR) by 50%, decreases incident inflow by 30%, and improves Overall Equipment Effectiveness (OEE). Targeting industries like financial services, healthcare, and manufacturing, it offers flexibility with varied Large Language Models (LLMs). Wipro and HPE aim to push AI innovation boundaries, ensuring clients meet their business goals.

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Wipro has launched the Lab45 AI Platform, a SaaS-based tool designed to enhance efficiencies and transform business functions using Generative AI (GenAI), machine learning, and deep learning technologies. The platform supports various large language models and custom deep learning models, offering over 1,000 GenAI agents and more than 10 applications for HR, sales, marketing, and operations. The Lab45 AI Platform enables seamless integration of language and visual processing tasks, such as generating images from text prompts and content summarization. It is available to all Wipro employees and clients, with API-based access for custom applications. Notable benefits include significant time savings in HR tasks, improved sales forecasting, and 20-30% improvements in quality engineering and testing. Harvard Business School has used the platform for teaching advanced GenAI applications.

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Wipro, a leading technology services and consulting company, has launched Wipro Cyber X-Ray, an AI-assisted security and risk platform, in partnership with Zscaler. This platform aids CXOs in making optimized security investment decisions and effectively communicating cyber values to senior leadership and the board. By providing an easy-to-navigate executive dashboard, it offers comprehensive visibility into an organization's cyber risk posture, assisting in the activation of cyber initiatives and optimization of security investments. Tony Buffomante, Global Head of Cybersecurity and Risk Services at Wipro, emphasized that the platform helps validate cyber investments and enhance cybersecurity strategies and performance. Karl Soderlund, Senior Vice President at Zscaler, highlighted the platform's ability to offer a unified view of cyber risks, addressing the challenge of communicating cyber value to top management.

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Wipro has expanded its retail media capabilities with Wipro VisionEDGE+, in collaboration with Cisco, AT&T, and AWS. This platform aims to enhance customer experiences and drive ad revenue within physical stores. The solution integrates interactive displays, programmatic advertising, and AI-based analytics to create an omnichannel experience. Wipro VisionEDGE+ leverages Cisco’s network solutions, AT&T’s infrastructure, and AWS’s cloud services to deliver seamless, secure connectivity and robust data analytics. The platform promises to transform retail by converting in-store visits into personalized customer journeys.

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Wipro (NYSE: WIT), a prominent technology services and consulting firm, has filed its Annual Report on Form 20-F for the fiscal year ending March 31, 2024, with the U.S. SEC on May 22, 2024. The report, prepared according to IFRS standards, is accessible online on Wipro's website. The company will provide physical and email copies to American Depository Shares (ADS) holders upon request, complying with NYSE rules.

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Wipro announced the appointment of Sanjeev Jain as Chief Operating Officer, effective immediately. He succeeds Amit Choudhary, who is stepping down. Sanjeev joined Wipro in 2023 and has over 30 years of experience in business operations, Lean Six Sigma, and design thinking.

He has been instrumental in Wipro's AI training and talent management initiatives. As COO, he will oversee Global Business Operations, the CIO, CISO, and Enterprise Risk Management, focusing on client-centric and profitable growth.

Srinivas Pallia, CEO, praised Sanjeev's impact on strategic thinking and execution. Amit Choudhary will remain until May for a smooth transition.

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Eightfold AI and Wipro have announced a collaboration aimed at transforming talent management and skills development. Wipro will utilize Eightfold AI's Talent Intelligence Platform™ to create personalized career pathways, facilitate employee upskilling, and enhance internal mobility by matching skills to projects. The initiative is designed to improve talent allocation and retention, consolidating HR capabilities into a globally cohesive offering.

According to Ashutosh Garg, Co-founder and Co-CEO of Eightfold AI, AI is important for proactive talent management. Sanjeev Jain, Global Head of Business Operations at Wipro, added that the collaboration will enhance Wipro's ability to serve clients and support employee career ambitions. The platform will align with Wipro's Responsible AI framework.

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FAQ

What does Wipro Limited specialize in?

Wipro Limited specializes in information technology, consulting, and business process services.

Where is Wipro Limited headquartered?

Wipro Limited is headquartered in Bengaluru, India.

How many employees does Wipro Limited have?

Wipro Limited has a workforce of 175,000 employees worldwide.

What percentage of Wipro's revenue comes from North America?

Over 57% of Wipro's revenue is derived from North America.

What services does Wipro offer?

Wipro offers consulting, managed services, cloud infrastructure services, and business process outsourcing.

Which industries does Wipro serve?

Wipro serves various industries, including banking, financial services, manufacturing, retail, and healthcare.

What recent achievements has Wipro made?

Wipro has forged strategic partnerships and invested in emerging technologies like AI and cybersecurity.

What is Wipro's commitment to sustainability?

Wipro is committed to reducing its environmental footprint and contributing to community well-being through various initiatives.

What current projects is Wipro involved in?

Wipro is engaged in digital transformation initiatives, developing next-gen IT solutions, and enhancing cloud services.

What is Wipro's financial condition?

Wipro maintains a stable financial condition with consistent revenue growth and profitability.

Wipro Limited

NYSE:WIT

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WIT Stock Data

31.80B
5.23B
2.86%
0.63%
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