After a step-down subsidiary was voluntarily liquidated, Wipro shares increased by 2%

 After a step-down subsidiary was voluntarily liquidated, Wipro shares increased by 2%

Wipro Ltd.'s step-down subsidiary, Designit Tokyo, has voluntarily closed up as of November 13, 2023.

Wipro had a fall in revenue for the third consecutive quarter in Q2FY24, amounting to $2.7 billion. This reduction was 2.3% sequentially and 0.1% annually.

On November 15, early trading saw a roughly 2% increase in Wipro shares on the NSE. The technical services firm announced on November 13 that its stepped-down subsidiary had been liquidated. At 10:30 am, the stock was trading at Rs 388.65, up 1.8% from the previous day.

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A regulatory filing states that Designit Tokyo, a stepped-down subsidiary of Wipro Ltd., has been voluntarily terminated up as of November 13. According to the disclosure, the subsidiary's income contribution as of March 2023 was around 0.004%.

Wipro had a fall in revenue for the third consecutive quarter in Q2FY24, amounting to $2.7 billion. This reduction was 2.3% sequentially and 0.1% annually. The CEO and Managing Director, Thierry Delaporte, said in a statement after the earnings that they are still making the risky choices required to achieve their long-term goals in spite of the difficult circumstances.

"To drive profitable growth, we are reducing our operations and delivery as well as investing in our technology infrastructure," he said. Our workers are receiving new training and skills to prepare them for a world driven by artificial intelligence.