Wipro stock gains 2% on voluntary liquidation of step-down subsidiary

Designit Tokyo, a step-down subsidiary of Wipro Limited, has been voluntarily liquidated with effect from November 13, 2023.

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Shares of Wipro gained nearly 2 percent on the NSE during early trade on November 15. On November 13, the tech services company reported the liquidation of its step-down subsidiary. At 10:30am, the stock was trading at Rs 388.65, around 1.8 percent higher.

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According to a regulatory filing, Designit Tokyo, a step-down subsidiary of Wipro Limited, has been voluntarily liquidated with effect from November 13.  The filing added that as of March 2023, the revenue contribution from the subsidiary was around 0.004 percent.

Also Read: Wipro Q2FY24: Weakness continues

In Q2FY24, Wipro saw its revenue decline for the third consecutive quarter, coming in at $2.7 billion for the Q2FY24, a 2.3 percent decline sequentially and a 0.1 percent year-on-year decline. In a post-earnings release, Thierry Delaporte, CEO and Managing Director said that against a challenging environment, they continue to take the bold decisions needed to realize their long-term ambitions.

“We are investing in our technology infrastructure and streamlining our operations and delivery to drive profitable growth. We are training and reskilling our people so they can be ready for an AI-driven future,” he added.

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