Wipro Limited - WIT STOCK NEWS

Wipro Limited (NYSE: WIT) has appointed Jasjit Singh Kang as the new head of Digital Operations & Platforms within its iCORE business. Jasjit, who joined Wipro through the Alight acquisition in 2018, has over 28 years of industry experience, focusing on operations management and business development. He will report to Nagendra Bandaru, Managing Partner - iCORE. The DOP practice is poised for growth, responding to evolving customer needs, with Jasjit emphasizing Wipro's strong position in technology integration and digital capabilities.

The global study by Capco and Wipro FullStride Cloud Services highlights that financial services firms are prioritizing cloud technologies to boost future revenues (62%) and profitability (52%). With 26% of 1,300 surveyed executives from financial services, the report reveals a growing commitment to cloud adoption, with banks averaging $36M in spending in 2021. Enhanced cloud investments are linked to improved profitability, increased revenue, and decreased costs for institutions. However, challenges include decision-making difficulties and the need for enterprise-wide strategies.

Wipro Limited (NYSE: WIT) released a report highlighting that retailers and consumer packaged goods (CPG) firms achieve significant returns on cloud investments. With 78% of retailers and 71% of CPG brands advancing their cloud strategies, the sector leads in adoption. Retailers report a 4.75% revenue increase from cloud use, outpacing the 4% average across industries. Survey participants report an impressive 47% ROI, with leading firms achieving 108% and 96% ROI respectively. The report emphasizes the urgent need for retail transformation and the strategic importance of cloud integration for future business agility.

Wipro Limited (NYSE: WIT) has joined the Intel Foundry Services Accelerator – Design Services Alliance, aiming to enhance chip design services amidst ongoing global chip shortages. This alliance will leverage Wipro's extensive experience in semiconductor engineering and Intel's advanced technology to streamline the development of complex System on Chip (SoC) and application-specific integrated circuits (ASIC). With over 250 designs completed, Wipro seeks to expedite time-to-market for clients across various sectors, including 5G, cloud, and automotive industries.

Wipro Limited (NYSE: WIT) has appointed Badrinath Srinivasan as Managing Director for Southeast Asia. Badri will drive business growth and client relationships in the region, focusing on large deals and transformational engagements. He joins Wipro from Infosys, where he led the Financial Services and Insurance verticals. Badri aims to leverage the increasing demand for digital transformation in Southeast Asia and enhance local capabilities while expanding Wipro's market presence. His leadership is considered pivotal for Wipro's growth strategy in this strategic market.

On January 17, 2022, Wipro Limited (NYSE: WIT) and Mendix, a Siemens business, introduced ShiftSwap, a low-code solution for scheduling and shift management in retail. ShiftSwap aims to streamline work routines for in-store associates, enhancing productivity through faster application development, up to 10 times quicker than traditional methods. The solution will be showcased at the National Retail Federation 2022 event, promising improved employee experiences and real-time shift management capabilities. This collaboration is part of Mendix's Global Systems Integrators program.

Wipro Limited (NYSE: WIT) reported strong financial results for Q4 2021, with gross revenue reaching Rs 203.1 billion ($2.7 billion), marking a 29.6% year-over-year increase. IT services revenue grew 27.5% YoY, supported by a healthy operating margin of 17.6%. Net income was Rs 29.7 billion ($399.1 million), reflecting a 1.3% QoQ rise. The company added over 10,300 employees during the quarter and declared an interim dividend of Rs 1 ($0.0131) per share. Wipro expects IT services revenue for the next quarter to be between $2,692 million and $2,745 million.