IT major Wipro on Thursday said it is setting up a new centre of excellence in the Minneapolis-St Paul region in the US, and the move is expected to add 100 local jobs over the next two years.
Signalling the end of an era, Indian IT industry czar and Wipro founder Chairman and Managing Director Azim H. Premji (73) will retire on July 30.
Abidali Neemuchwala, who now becomes Managing Director of Wipro, is an old industry hand. He has been instrumental in Wipro as well as in Tata Consultancy in the past.
Azim Premji is stepping down as executive chairman of Wipro after 53 years.
IT czar Azim Premji will retire as executive chairman of Wipro with effect from July 30, but will continue to serve on the board as non-executive director and founder chairman, the company said in a statement.
At the price of Rs 258.90 per share, the the total value of the stocks sold amounts to nearly Rs 1,150 crore, as per the data that was available on the exchange on Thursday.
Some of the past Indian recipients of the prestigious award include Bengali actor Soumitra Chatterjee and superstar Shahrukh Khan.
Claiming the deal to be its largest win so far, the company said it would generate $1.5-1.6-billion revenues over the tenure.
The company's global IT services business contributed Rs 13,700 crore, registering 5.2 per cent annual and 2.2 per cent sequentially growth.
The company will also design smart automation solutions and develop, integrate and implement the physical systems along with digital systems.
The top-seven Indian based companies received only 8,468 approved H-1B visa petitions in the financial year 2017, a decline of 43 percent for these companies since the financial year 2015.
Wipro today reported a 1.2 per cent rise in its consolidated net profit at Rs 2,076.7 crore for the Apr-June quarter.
The instance marks the first incident in years when an IT firm has listed a US President as a risk to business
After IT majors Infosys and Wipro, it is now Tech Mahindra's turn to lay off hundreds of its employees based on their performance.
Interestingly, Infosys has said it will hire 10,000 Americans in the next two years and open four centres in the US as it seeks to counter moves by the US to tighten visa norms.
Top IT firms Capgemini, Wipro and Infosys are said to be in the process of initiating large scale layoffs amid a slowdown and a shift towards hiring more Americans
According to media reports, in the email sent on Friday, the sender asked the company to make the payment in 20 days and provided a link for the same.
The country's third largest software services firm Wipro has sacked hundreds of employees following its annual "performance appraisal".
Recaling his early school days, Wipro chief Azim Premji today said he spent lot of time outside the classroom kneeling for being naughty. “Yes, I was very naughty when I was a kid and those
Wipro chief Azim Premji today expressed his disappointment over the implementation of the smart city project in India despite the fact that it got a lot of attention from Prime Minister Narendra Modi.
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