There were always questions on whether two men –or women- can co-exist at the top. One more answer to that never ending debate was added by Wipro. In 2008, Wipro appointed two people, Suresh Vaswani and Girish Paranjpe at the helm, as joint chief executive officers. This debate of joint leadership is best exemplified in large global corporations, with large operations in two continents, notably of Anglo-Saxon origins. Unilever Plc is another example which moved to a single line of command in recent years.
Wipro
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Infosys, Wipro and TCS bag lucrative BP outsourcing deal
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Oil major BP handed out a major IT outsourcing contract to five global IT companies. The deal has been awaited for long and comes at a time when deal flow has slowed down for the software sector. While the deal value was not disclosed by the companies who got the award, this story by Mint has quoted a BP spokesperson attributing the deal value at $1.5bn. BP will save about $500mn by reducing its number of vendors to 5, says the report.
Filed under: Companies, Information Technology, Top News, Infosys, outsourcing, TCS, Wipro
Wipro stays true to forecast, hikes September guidance
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Wipro’s performance in the June 2009 quarter was good, with revenues falling between the range it had given in April 2009. The stock markets, however, seemed to have bargained for more, as the stock is down about 2%. Measured in constant currency terms, IT companies have reported modest performances in the June 2009 quarter, but when you translate them from currencies like pounds, euros and Australian dollars to USD and then to rupees, the effect can be quite significant.
Filed under: Companies, Information Technology, News Analysis, Azim Premji, June 2009, Results, Wipro
Wipro barred from World Bank contracts
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“Wipro discloses vendor status with World Bank”. That’s the headline of the release issued to the Bombay Stock Exchange. But for Satyam’s run-in with the World Bank, few would have opened the attachment. Its contents are a shocker The World Bank has declared Wipro ‘ineligible’, in June 2007, to bid for direct contracts for four years ending in 2011. Ineligible is a mild term for a ban, which is what it is. Wipro’s disclosure shows a can of worms waiting to be prised open in several parts of corporate India. Continue Reading →