Wipro set to acquire US based SAP consulting firm; stock closes nearly 2% down

Wipro set to acquire US based SAP consulting firm; stock closes nearly 2% down

by 5paisa Research Team Last Updated: Dec 11, 2022 - 12:22 am 30.2k Views
Listen icon

The company has signed an agreement with Rizing Inc.

Wipro Ltd, one of the popular names in the Indian IT sector, has been trending on Dalal Street as the company announced acquisition news. However, the stock closed down by 1.91% from its previous close of Rs 529.35. The scrip opened at Rs 490 and after touching the day’s high, traded in red zone for the whole session.   

According to its press release, it has signed a definitive agreement to acquire Rizing Intermediate Holdings Inc., a global SAP consulting firm, significantly expanding its breadth of capabilities in helping businesses transform into intelligent enterprises. Rizing is the latest in a series of acquisitions by Wipro, underscoring the company’s ambitious growth agenda. The deal size of the acquisition is $540 million (approx. Rs 4,050 crore). Recently, the earnings picture of IT companies hasn’t been that impressive. Global IT outlook is not as strong as it was several months ago. Hence, IT stocks are being dragged down and Wipro is no exception.  

Talking about its recent quarterly results, in Q3FY22, revenue grew by 29.63% YoY to Rs 20313.6 crore from Rs 15670 crore in Q3FY21. On a sequential basis, the top-line was up by 3.29%. PBIDT (Ex OI) was reported at Rs 4180.7 crore, up by 1.54% as compared to the year-ago period and the corresponding margin was reported at 20.58%, contracting by 570 basis points YoY. PAT was reported at Rs 2964.7 crore, down by 0.77% from Rs 2987.7 crore in the same quarter for the previous fiscal year. The PAT margin stood at 14.59% in Q3FY22 contracting from 19.07% in Q3FY21.

Wipro Ltd is one of the leading global information technology, consulting, and business process services companies. Currently, the company has a market cap of about Rs 2.84 lakh crore. The stock has a 52-week high of Rs 739.8 and a 52-week low of Rs 477.80.

Share Market Today


How do you rate this article?

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

378X91-D3

About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.


Enjoy 0%* Brokerage with 5paisa
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest News
Polymatech Electronics: ₹1,500 Crore IPO for Semiconductor Expansion

Polymatech Electronics, prominent semiconductor chip manufacturer based in Chennai, is gearing up for significant financial move with plans to launch₹1,500 cr initial public offering (IPO) by end of year. This IPO, double size initially envisaged, signifies company’s ambitious expansion strategy in semiconductor industry.

Vodafone Idea Sets Floor and Cap Prices for FPO Amid Market Speculation

In a major development, Vodafone Idea Ltd. has revealed the floor price and cap price, alongside the lot size, for its upcoming follow-on public offering (FPO). The telecom giant witnessed a decrease of more than 3.25% during early trading on Wednesday, settling at ₹12.51, thus holding a market capitalization exceeding ₹61,000 crore.

Bondada Engineering Share Price Surged by 1423.2%, Know Why?

Bondada Engineering, standout in integrated infrastructure sector, witnessed extraordinary surge in its share price, soaring by impressive 1423.2% since its debut on BSE SME platform in August 2023. Investors who were part of IPO allocation saw significant gains, potentially earning 18.3 lakhs in just over eight months.