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Wipro share price rises 3.54% on acquisition of Brazilian firm

Share price of Wipro rose 3.54%  to  Rs 286.3 against previous close of Rs 475.40 on BSE.

twitter-logoBusinessToday.In | August 17, 2020 | Updated 12:10 IST
Wipro share price rises 3.54% on acquisition of Brazilian firm
Wipro share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 13% in one year and risen 14.56% since the beginning of this year.

Wipro share price gained over 3% after the IT firm announced it has completed the acquisition of Brazilian IT firm IVIA Servios de lnformitica Ltd. Share price of Wipro rose 3.54%  to  Rs 286.3 against previous close of Rs 475.40 on BSE.

In July, Wipro announced that it had signed an agreement to acquire IVIA for $22.4 million (about Rs 169 crore).

Wipro share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 13% in one year and  risen 14.56% since the beginning of this year.

Wipro market cap rose to Rs 1.61 lakh crore Total 4.32 lakh shares changed hands amounting to turnover of Rs 12.20 crore.  IVIA is a provider of IT solutions including system development, maintenance, consulting and project management services to clients in Brazil.

"In continuation to the aforesaid letter (dated July 14, 2020), this is to inform that the said acquisition has been completed on August 14, 2020," Wipro said. In July, Wipro had said IVIA's local talent and long-standing relationships, combined with its own global expertise, will help expand its geographical footprint in Brazil.

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The acquisition will help Wipro set up delivery centres in the northeast of Brazil leveraging IVIA's workforce. In Q1 of current fiscal, the IT firm reported a marginal rise in consolidated profit to Rs 2,390.4 crore. In corresponding quarter of previous fiscal, the IT firm reported a consolidated profit of  Rs 2,387.6 crore.

Total income of Wipro was almost flat at Rs 15,571.4 crore in the April-June quarter compared to Rs 15,566.6 crore in the same quarter of the last financial year.

The  consolidated income from operation of the company increased by 1.3 per cent to Rs 14,913.1 crore during the reported quarter from Rs 14,716.1 crore in the corresponding quarter of 2019-20.

Meanwhile in a volatile session, Sensex traded 23 points higher at 37,900 and Nifty gained 18 points to 11,197.

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