Wipro

US senator accuses TCS, Infosys, Wipro of abusing H-1B visas

Washington: Amidst Congressional debate on the comprehensive immigration reform, a top US Senator has accused big Indian IT companies - TCS, Infosys and Wipro - of abusing the H-1B visa system. "There are some specific abuses of H-1B," Senator Richard Durbin, said during a Congressional hearing on immigration reform by the powerful Senate Judiciary Committee on Monday, during which the lawmakers discussed threadbare the H-1B visa issues.

In fact, Senator Durbin went on to brand the top Indian IT companies as outsourcing firms. "These outsourcing firms like Infosys, Wipro, Tata and others -- Americans would be shocked to know that the H-1B visas are not going to Microsoft; they're going to these firms, largely in India, who are finding workers, engineers, who will work at low wages in the US for three years and pay a fee to Infosys or these companies," Durbin alleged.

"I think that is an abuse of what we're trying to achieve here. Most people would think, well, Microsoft needs these folks, and they'd be shocked to know that most of the H-1B visas are not going to companies like yours; they're going to these outsourcing companies," Durbin alleged. He said this during the hearing in which two Indian Americans testified before the committee and supported the allegations of the Senator against Indian IT firms.

Brad Smith, general counsel and executive vice president, legal and corporate affairs, Microsoft, too supported the Senator on the issue. "I personally think it's important that we both 

Wipro slumps after projecting weak forecast

Mumbai: Shares in Wipro Ltd, India's third-largest software services provider, fell as much as 8.8 per cent in opening trade after it gave weaker-than-expected quarterly sales forecast on Friday. Wipro joined No. 2 player Infosys Ltd in delivering tepid revenue outlook, citing a delay in the closure of deals. Wipro also reported a 16.7 per cent rise in quarterly profit to Rs 17.29 billion on Friday. ...  

Wipro Q4 profit up 16.73 per cent at Rs 1,728.7 crore

Mumbai: IT major Wipro Ltd on Friday reported 16.73 per cent increase in net profit to Rs 1,728.7 crore for the fourth quarter ended March 31, 2013. The country's third largest software services firm's net profit stood at Rs 1,480.9 crore in the year-ago period. The consolidated total income of the company rose by 13 per cent to Rs 9,613.1 crore for the January-March quarter in 2013-13 fiscal as against...  

Sensex hits seven-month closing low; Infosys slumps

Mumbai: The BSE Sensex fell to its lowest close in seven months on Friday after Infosys' lower-than-expected revenue guidance raised concerns about the outlook for the software services exporting sector. The Sensex provisionally fell 1.7 per cent to its lowest close since September 13, 2012. The Nifty fell 1.2 per cent. Infosys Ltd provisionally fell 22.1 per cent, marking its biggest single-day fall since April 4, 2003. ...  

Wipro shares slump on first trading session after split

Mumbai: Shares in Wipro Ltd, India's No.3 software services provider, fell as much as 11.3 per cent on Tuesday, which marked the first trading session as a standalone IT stock after splitting its other businesses into a separate unit. Wipro's split-off announced in November 2012 legally took effect on March 31, but has not been reflected in shares until Tuesday, meaning the company's shares no longer take into account the...  

'Wipro one of the world's most ethical cos'

Wipro Ltd on Wednesday said it has been recognised by the Ethisphere Institute, a leading business ethics think-tank, as one of the 2013 World's Most Ethical (WME) Companies, for the second year in a row. The Ethisphere Institute is an international organisation dedicated to the creation, advancement and sharing of best practices in business ethics, governance, anti-corruption and sustainability. ...  

Azim Premji, the philanthropist tycoon, sets an example

The third richest Indian, Wipro chairman Azim Premji, has done it again. Setting an example for the other billionaires in the country, the Wipro Chairman on Friday transferred shares worth about Rs 12,300 crore to his philanthropic arm, the Azim Premji Trust. This is the largest philanthropic transfer by any individual in the country. ...  

Premji transfers Wipro stock worth Rs 12,300 cr to trust

Giving more to philanthropy, IT czar Azim Premji on Friday announced transfer of 295.5 million equity Wipro shares worth Rs 12,300 crore held by certain entities controlled by him, to an irrevocable trust. The trust will utilise the endowment to fund, various social, not-for-profit initiatives of Azim Premji Foundation, which are expected to scale significantly over the next few years, the statement said. ...  

Wipro to be excluded from NIFTY, shares tank

IT major Wipro will be dropped from the National Stock Exchange's benchmark index Nifty from April 1 as its non-IT businesses are hived off into a separate unit. "A corporate action like our demerger of a listed company would generally result in a short-term withdrawal of the scrip from the index as it has been happening in the past where such corporate action had been initiated. We expect restoration of...  

Azim Premji says son will not be CEO of Wipro

IT czar Azim Premji has said his son Rishad will never be the Chief Executive of his company Wipro, but will represent promoter ownership on the company's board. ...  

Wipro results temper IT sector euphoria

India's no.3 software services provider Wipro Ltd's less-than-perfect score on its quarterly earnings report card threw a measure of doubt over the sector's near-term outlook, with new projects and contracts still elusive. Since a week ago, better-than-expected results from Infosys Ltd, Tata Consultancy Services Ltd and HCL Technologies Ltd sparked a 13 per cent rally in the sector subindex that grinded to a halt on January 18. ...  

Wipro quarterly profit rises 18 pc, beats estimates

India's No 3 software services provider Wipro Ltd posted an 18 per cent gain in quarterly profit, joining bigger rivals Tata Consultancy Services Ltd and Infosys Ltd in reporting better-than-expected earnings. ...  

Wipro to buy Singapore company for $144 million

Mumbai: Wipro Ltd, India's No 3 software services provider, will acquire LD Waxson Group, a Singapore-based consumer goods company, in an all-cash deal worth about $144 million, the company said in a statement. The deal, expected to be completed within 60 days, is valued at 2.1 times the revenue reported by LD Waxson during the fiscal year 2011-12, according to the statement issued on Saturday. LD Waxson, which sells skincare...  

Media, Kejriwal jump from issue to issue: Azim Premji

Bangalore: IT czar Azim Premji on Friday had a dig at the media and India Against Corruption leader Arvind Kejriwal saying they "flip" from one issue to another without following through. "I think the media also, like Kejriwal, flips from topic to topic," the Wipro chairman told reporters here in response to questions. "What I would strongly request is for the media to have consistency in following through whatever they...  

Wipro Q2 net profit at Rs 1610 crore

Bangalore: Wipro, the country's third largest software services exporter has come out with second quarter numbers. The company's Q2 consolidated net profits was at Rs 1610 crore. Its consolidated revenue was at Rs 10620 crore versus Rs 1,580 crore, QoQ. Its IT services revenue was at Rs 1541 crore versus Rs 10,619.6 crore, QoQ. The company's IT services revenue was at Rs 8,373 crore versus Rs 8,314 crore, QoQ and...  

Cauvery row: Protesters attack Wipro office amidst bandh

Bangalore: A few demonstraters entered the Mysore office of IT giant Wipro amidst the protests against release of Cauvery water during the bandh called by Kannada outfits in Karnataka on Saturday. The protesters entered the office and asked the staff to stop work in view of the bandh. A few of them tried to ransack the office. The dawn-to-dusk 'Karnataka bandh' called by the outfits to protest against the release...  

Open to large acquisitions, says Infosys CFO

Bangalore: Indian IT outsourcer Infosys Ltd, which has long said its comfort size for acquisitions is up to 10 per cent of its own revenue, is open to bigger deals given the right opportunity, a top executive said. "Whatever size it is, if it makes strategic sense, if we feel we can take it and execute it, we'll look at it," V Balakrishnan, chief financial officer of India's second-biggest software...  

B'lore: IT hub 'cheats' govt, may be taken over

Bangalore: Bangalore is India's premier IT hub and houses top companies like Wipro and Infosys. But now, the Bangalore Municipal Corporation wants to take over the privately managed Electronic City, accusing it of tax evasion. The move, however, has drawn howls of protest. Mohandas Pai, Chairman, Manipal Global Education Services, says, "I find it very shocking and surprising that these people want to do this. They have no track record....  

PM should be given a fair chance on reforms: Premji

Bangalore: Wipro Chief Azim Premji, who had recently said India was functioning without a leader, on Tuesday wanted Prime Minister Manmohan Singh to be given a fair chance for rolling-out reforms. Premji's observations come on the heels of Tata group chairman Ratan Tata stating (rpt stating) it was unfair to single out Singh for the country's current economic woes. "Frankly, it is difficult to say how it (reform process) is...  

Govt should act ruthlessly on Maruti unrest: Premji

Bangalore: Strongly condemning the violence at Maruti Suzuki's plant at Manesar in which a senior executive was killed, Wipro Chairman Azim Premji on Tuesday said Government should act "ruthlessly" against such social unrest. "I don t understand the details of the incident that caused the precipitation. It was pretty extreme, ruthless and very unfortunate. "It is important that individuals and associations take up the cause and government should act ruthlessly,"...