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Wipro Hikes Annual Fresher salary by Rs 30,000

26Oct By Gauri SinghNo Comments

News

Wipro Hikes Annual Fresher salary by Rs 30,000

Wipro has increased fresher salaries to Rs 3.5 lakh per annum, from about 3.2 lakh. Salaries of campus recruits had remained stagnant for many years across the industry. “We are also introducing a coding test to improve the quality of hires. We are looking to roll out a broad-based national talent test to expand the reach of our hiring process. We are hiring 25-30% more than last year,” said Wipro president and chief human resources officer Saurabh Govil. Others like TCS and Infosys have also adopted such strategies. TCS has launched a national level test. And these companies are offering significantly higher salaries to freshers with better coding skills. Wipro has a three-tier campus outreach. The first involves hires from star colleges like the IITs, and they are offered an average...

Wipro Healthcare Head Heenan Jalil Steps Down After a Decade

1Sep By Gauri SinghNo Comments

News

Wipro Healthcare Head Heenan Jalil Steps Down After a Decade

The IT services corporation Wipro has announced that its senior vice-president and global head of the healthcare business Jeffrey Heenan-Jalil has stepped down after working for a decade with the company. This resignation marked the second top-level exit in the healthcare division in less than three years. When Jalil joined Wipro, he succeeded Sangita Singh who later moved to Infosys and then to IBM’s global business services (GBS) division. The customer list of Wipro counts Johnson& Johnson, Novartis and GE Healthcare. It has witnessed major challenges in its healthcare business following the acquisition of US company HealthPlan Services (HPS) for $460 million in 2016. The company further also stated that Mohd Ehteshamul Haque, SVP and vertical head for healthcare and service...

HCL Technologies Excels Wipro, Becomes No. 3 IT Company

28Jul By AnkitaNo Comments

News

HCL Technologies Excels Wipro, Becomes No. 3 IT Company

HCL Technologies Ltd excels Wipro Ltd to become India’s third-biggest software services provider in the three months to 30 June, marking the first change in the pecking order of the country’s $167 billion IT outsourcing industry in six years. The revenue of Noida-based HCL Technologies rose 0.8% to $2.06 billion in the quarter from the compared to the preceding three months, and 8.5% in comparison to the same period in the year 2017. It is the second-best performance of the company among the top Indian IT companies. The net profit of the company has increased from 3.4% to $356 million as compared to the preceding quarter, and 5.7% compared to the same period of 2017. Bengaluru-based Wipro’s dollar revenue declined 1.7% sequentially to $2.03 billion in the first quarter. Wipro’s fu...

Wipro Grabs Outsourcing Contract Worth $1 Billion From Alight Solutions

23Jul By Gauri SinghNo Comments

BUSINESS

Wipro Grabs Outsourcing Contract Worth $1 Billion From Alight Solutions

One of the leading information technology (IT) companies Wipro has reportedly won an outsourcing contract worth $1 billion from Alight Solutions. Bengaluru-based Wipro purchased Alight Solutions’ IT business for $117 million on Friday, and is in the advanced stages of negotiating the agreement that will possibly expand over seven years and $140 million in annual revenue per year. According to the sources, it has been stated that the following deal seeks to fetch $70 million to Wipro along with the additional revenue this year. However, Wipro has not included growth from this deal in the 2.7% currency forecast for the current quarter. The report also mentioned that the company might reveal the contract in the September quarter results. Wipro is an integrated corporation that provid...

Wipro Hikes CEO Salary Up 34.5% to Rs 182 mn

25Jun By NitishNo Comments

News

Wipro Hikes CEO Salary Up 34.5% to Rs 182 mn

Wipro chief executive Abidali Z Neemuchwala saw his pay package growing over 34 per cent to Rs 182.3 million (Rs 18.23 crore) during FY2017-18 compared to the previous financial year, as per the company's annual report. According to the report, Neemuchwala who was paid in US dollars received an equivalent of Rs 62.9 million (Rs 6.29 crore) in gross salary, Rs 17 million (Rs 1.70 crore) in variable pay, Rs 102 million (Rs 10.2 crore) in other annual compensation along with other perks, taking his total compensation to Rs 182.3 million (Rs 18.23 crore) for FY2017-18. Wipro's Chief Strategy Officer (CSO) and Azim Premji son Rishad A Premji's compensation also grew by more than 250 percent to Rs 58 million (Rs 5.8 crore) in the said financial year. Rashid Premji received Rs 9.3 millio...

All You Need to Know About Azim Premji’s Second Son Tariq Premji

8Jun By Gauri SinghNo Comments

News

All You Need to Know About Azim Premji’s Second Son Tariq Premji

India’s second-richest businessman Azim Premji’s youngest son Tariq Premji has reportedly been appointed as the non-executive director of the board of Wipro Enterprises Limited. Azim Premji who is the Chairman of Wipro Enterprises did not want his sons to take over his business. In this regard, Premji expressed, "We have many more mature people and probably more effective people in the organisation. You cannot hand an organisation of this complexity and size to sons. I think anyone who takes over has to earn it on merits and this job requires a fair degree of maturity. It's a complex job, a global job." Tariq is the third family member to join the board, after his father and his elder brother Rishad Premji. The eldest son Rishad Premji is also on the company's board as a non-executive di...

Elliott Management buys 0.04% of Wipro’s stakes

12Mar By Sheldan RungasamyNo Comments

FUNDING

Elliott Management buys 0.04% of Wipro’s stakes

Elliott Management, the activist hedge fund credited in the change of Cognizant’s business model two years ago, recently bought a tiny stake in Wipro, the Information Technology Services Corporation. This investment further highlights the 34-billion hedge fund company’s interest in Indian IT companies as it presently owns two companies in this sector out of their 40 US listed stocks. In the December quarter of last year, Elliott Management acquired 1.85 million of Wipro’s American Depositary Receipts (ADR), amounting 0.04% of the company’s shares, according to US Securities & Exchange Commission (SEC) filings. Both Elliott Management and Wipro declined to comment on questions related to the latter’s stake. This deal somehow appears to be different from Elliott Management’s activi...

29Jun By AdityaNo Comments

USA

Americans Constitute Now 50 Percent of the Wipro Workforce in US

Americans now constitute 50 per cent of the Wipro workforce in the US, making it the first major Indian IT company to cross the benchmark that could help it get rid of some of the punitive provisions of Congressional legislations with regard to hiring foreign workers on H-1B visas. Over the past six months, Wipro hired over 1,600 employees by attracting and nurturing local talent to drive innovation and help transform clients businesses into digital enterprises, Wipro said in a statement. "Wipro has a steadfast commitment towards local communities where we are present. We will continue to build a strong local talent pool with diverse skill sets and make strategic investments in close proximity to our clients to serve them better," said Abidali Z Neemuchwala, Wipros chief executive Of...

After Azim Premji Objection, Credit Suisse Reaches Out to Snapdeals Minority Shareholders

24Jun By AnkitaNo Comments

News

After Azim Premji Objection, Credit Suisse Reaches Out to Snapdeals Minority Shareholders

Investment bank Credit Suisse is reaching out to minority shareholders of Snapdeal to build a consensus on the sale of the e-commerce platform to larger rival, Flipkart. According to sources, Credit Suisse, which is advising Snapdeal on the proposed deal, is reaching out to smaller shareholders to get them on board for the acquisition. The beleaguered firm has a number of investors including PremjiInvest, Ontario Teachers Pension Plan, Ratan Tata, Foxconn, Temasek and BlackRock among others. Emails sent to Snapdeal and Credit Suisse did not elicit any response. PremjiInvest the personal investment arm of Wipro chairman Azim Premji and a minority investor in Snapdeal -- had written to the company seeking greater clarity on the deal terms. It has also called for equal treatment of ...

14Jun By Press Trust of IndiaNo Comments

ACQUISITION

Wipro Acquires 26% Stake in Drivestream

The country's third largest software services firm Wipro has invested USD 809,690 (about Rs 5.12 crore) in management and IT consulting firm Drivestream. The cash consideration will see Wipro acquiring 19,679 preferred stocks and 27,865 common stocks, Wipro said in a BSE filing. Wipro now holds 26.1 per cent share in Drivestream (on a fully diluted basis), it added. Established in 2001, Drivestream is privately held and has a workforce of around 73 employees in the US. Its revenue stood at USD 20.5 million in 2016.

Wipro Chief Azim Premji Denies Media Report on Selling Wipro stake

6Jun By PriyankaNo Comments

News

Wipro Chief Azim Premji Denies Media Report on Selling Wipro stake

Wipro Limited Chairman Azim Premji has denied a media report that promoters of the IT company were evaluating sale of their holdings and said he "remains committed to Wipro." In his letter to Wiproites, he had termed the news article reportedly published in this regard as "baseless and malicious." A news website had yesterday quoting banking sources reported that the promoters of the Indias third-largest IT services company are in the early stages of evaluating the sale of the company or some of its units, and have even approached investment banks. In the letter sent out late last night to its employees, Premji said he continued to be "incredibly excited" about the potential of the IT industry and Wipro. "Over the past 50 years, I have seen Wipro grow from a small regional play...

Azim Premji Salary Package Received 63% Cut, No Commission Paid This Year

5Jun By AdityaNo Comments

News

Azim Premji Salary Package Received 63% Cut, No Commission Paid This Year

Wipro Chairman Azim Premji's pay package saw a huge 63 per cent fall at USD 1,21,853 (about Rs 79 lakh) last fiscal, with no commission being paid during the year. The IT czar had drawn a larger compensation of USD 3,27,993 (about Rs 2.17 crore) in the previous fiscal. Premjis package included USD 66,464 in salary and allowances and USD 41,742 (others) and USD 13,647 in long-term compensation (deferred benefit - companys contribution to the Provident Fund and Pension Fund), totalling to USD 121,853 for the year 2016-17, as per documents with the US SEC. "Azim H Premji is entitled to a commission at the rate of 0.5 per cent on incremental net profits of Wipro for the fiscal 2017 over the previous year. For the year ended March 31, 2017, commission paid to Azim H Premji is INR Nil,"...