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wipro
Business Indian IT stocks rally as global AI stocks plunge: TCS, Infosys, Wipro lead gains
Indian IT stocks rallied strongly on Wednesday, with TCS, Infosys, Wipro, HCLTech, and Coforge gaining up to 5%, even as global semiconductor and AI stocks tumbled. The rally comes amid growing skepticism about AI spending returns, a shift in investor sentiment from AI to value plays, and positive FPI inflows into Indian equities, according to reports.
Business Wipro Q1 Revenue Falls 1.4% to $2.6 Billion, Trails Peers Amid AI-Led Spending Shift
Wipro's June-quarter revenue declined 1.4% sequentially to $2.6 billion, missing the performance of larger peers TCS and HCLTech. Operating margin fell 130 basis points to 16% due to wage hikes and AI investments. CEO Srini Pallia said clients are shifting IT budgets toward AI, lengthening decision cycles and reducing discretionary spending.
Business Wipro raises Aggne stake to 80% with $2.1 million investment to strengthen insurance technology business
Wipro has raised its ownership stake in insurance technology company Aggne to 80%, investing $2.1 million in the process. The acquisition deepens Wipro's presence in the insurance tech sector.
Business Wipro's Rs 15,000 Crore Buyback Opens: What Retail Investors Should Know
Wipro's Rs 15,000 crore buyback opened on June 10, offering shares at Rs 250 apiece—well above the market price of under Rs 180. Small shareholders have higher entitlement ratios, but analysts expect only about 21% acceptance, limiting potential gains. The offer closes on June 17.