Wipro and SIAM.AI, leveraging NVIDIA’s technology, have unveiled Sukjai, a groundbreaking AI-powered virtual assistant designed to personalize the Thai tourism experience for both domestic and international visitors. Sukjai offers 24/7 support, real-time information, and personalized recommendations, revolutionizing how tourists interact with Thailand.
A day of contrasting fortunes in the world of business, crime, and sports. Infosys and Wipro delivered strong Q2 results, while a tragic bus accident on the Mumbai-Pune Expressway and a shockingly low score in a Test match dominated the headlines. Meanwhile, a dramatic encounter in Bahraich saw police neutralize two suspects.
October 17th promises a busy day with a range of events spanning politics, business, and infrastructure. From the swearing-in ceremony of Haryana’s new Chief Minister, Nayab Singh Saini, to the temporary closure of Mumbai Airport for maintenance, and the release of Wipro’s quarterly results, stay updated on the day’s key happenings.
Cognizant has settled a non-compete lawsuit filed by Wipro regarding its new CFO, Jatin Dalal, who previously served as Wipro’s CFO. Cognizant paid Rs 4.2 crore to Dalal to resolve the dispute. This settlement comes after Wipro sued Dalal for violating the non-compete clause in his employment contract when he joined Cognizant in December 2023.
Rishad Premji, Executive Chairman of Wipro, has taken a significant pay cut for the second year in a row, reducing his compensation to around Rs 6.5 crore in FY24. This decision comes amidst a period of negative performance in Wipro’s IT services business. Meanwhile, his father, Azim Premji, received a salary of Rs 1.05 crore.
IT giant Wipro has secured a significant contract worth $500 million from a leading US communication service provider. The agreement, which spans five years, will see Wipro provide managed services and industry-specific solutions to the US-based firm. Despite the substantial deal, Wipro declined to disclose the name of the partner company. Wipro’s stock performance has witnessed a positive trend, with shares gaining 2% to close at Rs 461.6 apiece. Notably, the deal comes amidst the recent vote against a cash severance package for Wipro’s former CEO, Thierry Delaporte. The BSE announcement also revealed Adani Ports and Special Economic Zone (SEZ) is poised to enter the Sensex, potentially replacing Wipro in the benchmark index from June 24.
Wipro, India’s fourth-largest outsourcing company, has announced that its CEO, Thierry Delaporte, will receive a substantial severance payout of ₹92.1 crore (approximately $11 million) following his departure from the company ahead of schedule. As per Delaporte’s employment contract, if his employment is terminated without cause, Wipro is obligated to provide him with a severance package equivalent to 12 months’ base salary, payable over a 12-month period following the termination date. This payout will cease if Delaporte secures new employment or becomes a consultant within the stipulated 12-month period.
Wipro’s recent announcement of 11 large deals worth over USD1 billion in Q3FY23 is a positive indication for the Indian IT industry. This follows similar reports of record-breaking deal wins by TCS and Infosys, suggesting strong demand for IT services. Investors should be optimistic about the future prospects of these companies.
Wipro’s share price has been facing a downward trend, dropping 15% from its one-year high and underperforming compared to peers like TCS and Infosys. The release of Q4 results, which showed a decline in consolidated net profit and revenue, has raised concerns among investors and analysts. Experts believe that Wipro is facing demand uncertainties and challenges in timely deal ramp-up. Despite this, the share has shown resilience compared to its 52-week low and has rebounded by over 27%. Analysts recommend cautious optimism as Wipro navigates the current market environment.
