Wipro Incorporates Life Sciences Solutions Subsidiary In US

Wipro Ltd. has incorporated Wipro Life Science Solutions LLC as a wholly owned subsidiary in the US with an aim to explore new business opportunities in the life sciences segment by providing post-approval pharma services, according to an exchange filing on Friday.

"It is informed that Wipro Life Science Solutions, LLC has been incorporated as a step-down subsidiary of Wipro Ltd., with effect from Oct. 10, 2024. The company received intimation to this effect on Oct. 18, 2024," the company stated.

The IT firm reported a 6.2% sequential rise in its net profit to Rs 3,227 crore in the quarter ended Sept. 30, higher than the consensus estimate of Rs 3,009 crore shared by analysts tracked by Bloomberg. Wipro's revenue during the second quarter rose 1.5% sequentially to Rs 22,302 crore, which is in line with the consensus estimate of Rs 22,235 crore of analysts tracked by Bloomberg.

On Oct. 17, the company proposed a bonus share issue in the ratio of 1:1, meaning eligible shareholders will receive one additional equity share for every fully paid-up share they hold. The record date for this bonus issue is yet to be announced. The company’s board of directors will officially consider the proposal during their upcoming meeting on Sunday.

Shares of Wipro closed 3.76% higher to Rs 548.65 apiece on the NSE, compared to a 0.42% advance in the benchmark Nifty 50.

The share price has risen 34.65% in the last 12 months and 16.41% on a year-to-date basis. The total traded volume so far in the day stood at 37.32 times its 30-day average. The relative strength index was at 57.30.

Seven out of the 44 analysts tracking the company have a 'buy' rating on the stock, 11 recommend a 'hold' and 26 suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 4.1%.