The transaction marks a significant step in Wipro’s strategy to scale its AI-led engineering, product innovation and R&D capabilities. DTS brings with it deep specialisation in product engineering, embedded software, embodied AI, device engineering and customer experience platforms—capabilities that Wipro expects to integrate tightly within its consulting-led and AI-powered service stack.

Wipro said DTS’s AI and engineering assets will be embedded into Wipro Intelligence™, the company’s suite of AI platforms and solutions, enabling the delivery of more connected, next-generation digital experiences for clients globally. The integration is expected to reinforce Wipro’s position as a leading player in global engineering and technology services.

“We are delighted to welcome the DTS team and their clients to Wipro. The acquisition of DTS strengthens Wipro’s ability to deliver AI-powered, end-to-end engineering services,” said Srikumar Rao, Managing Partner and Global Head of Engineering at Wipro Limited. “By adding DTS’ deep product engineering and technology expertise to our capabilities, and their complimentary industry solution and market presence, we are evolving our engineering DNA to meet the demands of a rapidly transforming technology landscape.”

He added that the combined strengths will help Wipro innovate at scale, deliver measurable business value and support complex technology transformations across industries.

Vikas Gupta, Executive Vice President and GM of DTS, said the acquisition marks the beginning of a “new phase of growth and opportunity” for the business unit. “Wipro’s global reach, Wipro Intelligence™ capabilities, and advanced technology ecosystem provide the foundation to scale impact, expand into new industries, and deliver enhanced value to clients. The combined strengths of DTS and Wipro will enable a more integrated go-to-market approach, accelerating innovation and transformation for clients worldwide.”

IT giant Wipro has maintained its sales forecast for the first quarter of 2024, which ends on June 30, at (-) 1.5 percent to 0.5 percent (Q1FY25).

The Bengaluru-based company revised its fourth-quarter sales growth projection in January, bringing it in line with both the lower and top ends of the range of -1.5 percent to 0.5 percent. This came after the business cut its October guidance from 3.5 percent to -1.5 percent.

“At the moment, it is a tough macroeconomic environment where our clients are also going through a very challenging time, we’re staying close to them, we need to be partnering with them at this point,” stated Aparna Iyer, the chief financial officer at Wipro.

Under the leadership of its new chief executive officer, Srinivas Pallia, Wipro is reporting for the first time. Thierry Delaporte, who was the CEO at the time, abruptly left his position on April 6, making Pallia the new leader.

Post rumors that promoters were dissatisfied with Delaporte’s performance and that he might not be given a one-year extension, he announced his resignation one year ahead of schedule.

He takes over from Thierry Delaporte, who is leaving Wipro after leading a dramatic change there for the past four years in order to pursue interests outside of work.

In contrast to Thierry, who joined Wipro four years ago after leaving Capgemini, Palia is a seasoned Wipro employee who has worked for the company for more than thirty years under Azim Premji’s mega firm.

“He (Delaporte) will be relieved from the employment of the Company with effect from the close of business hours on May 31, 2024,” Wipro stated.

Thierry resigned in the midst of Wipro’s poor quarters relative to competitors. In addition, a number of high-level departures occurred, despite Delaporte’s hiring of additional Capgemini leaders.

Chairman Rishad Premji emphasized that Thierry had his confidence on despite queries from shareholders and investors over its performance. In response to questions about whether the board supports the existing administration, Wipro Executive Chairman Rishad Premji told news aoutlet   Moneycontrol on January 18 that Delaporte had the full support of the board.

“During my tenure as CEO and MD, we have witnessed a significant transformation within the company that has not only driven financial growth but has also positively impacted our associates, clients, and shareholders,” Delaporte mentioned.

Chief Growth Officer Stephanie Trautman, Chief Financial Officer Jatin Dalal, Chief Operations Officer Sanjeev Singh, Americas 2 CFO Nithin V Jaganmohan, India Head Satya Easwaran, iDEAS Business Head Rajan Kohli, Vice President Gurvinder Sahni, Americas 1 CFO Kamini Shah, Head of Healthcare and Medical Device Unit Mohd Haque, and Head of Manufacturing and Hi-Tech Business Unit Ashish Saxena were among the over ten senior leadership members who had left the company in the year 2023.

Zomato stake sale by Antfin Singapore Holdings Pte

According to reports, Antfin Singapore Holdings Pte is planning to sell up to 2% stake or 17.64 crore shares in Zomato, which is expected to be worth ₹2,800 crore. The transaction will be conducted through a block deal, with the floor price set at ₹159.4 per share, indicating a 4% discount on Zomato’s current market price. The block deal is expected to take place on Wednesday, March 6.

Coal India’s Gevra Mine expansion

Other stocks that may be in focus today include Coal India, which has been granted environmental clearance to expand the production capacity of its Gevra mine in Chhattisgarh to 70 million tons per year from the current 52.5 million metric tonnes. This expansion will make the Gevra mine the largest coal mine in Asia.

Wipro acquires stake in SDVerse LLC

In other news, Wipro, an IT services company, has acquired a 27% stake in SDVerse LLC to strengthen its positioning as a leader in software-defined vehicle and cloud car engineering services. The transaction is expected to be completed before the end of March 2024.

NHPC’s Jalaun Ultra Renewable Energy Power Park

NHPC, a state-run power company, has started developing the 1,200-MW Jalaun Ultra Renewable Energy Power Park in Jalaun, Uttar Pradesh, with an investment of ₹796.96 crore. The park is proposed to be set up in 24 months from the investment approval and will generate about 2,400 MUs of electricity every year.

Tata Technologies appoints COO, Bharti Airtel equity allotment

Tata Technologies, a Tata Group company, has appointed S Sukanya as chief operating officer with effect from March 6, 2024, while Bharti Airtel has approved the allotment of 56,81,733 fully paid-up equity shares at a conversion price of ₹518 per equity share to FCCB holders.

Other stocks in focus

Samvardhana Motherson, an automotive component manufacturer, and Adani Green Energy, a renewable energy company, are also expected to be in focus on the stock market today.

As the stock market opens today, investors will be closely watching these stocks for potential opportunities and developments.