WIPRO

Sept 24 (Reuters) - Wipro Ltd WIPR.NS:

• WIPRO - GROVE HOLDINGS 2 S.Á.R.L. TRANSFERRED ITS ENTIRE STAKE IN CAPCO CONSULTING MIDDLE EAST FZE TO WIPRO IT SERVICES UK

Source text: ID:nnAZN4KJ6QQ

Further company coverage: WIPR.NS

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Sept 23 - By Ira Dugal, Editor Financial News, with global Reuters staff

U.S. President Donald Trump's move to drastically hike H-1B visa fees will raise Indian technology firms' costs of hiring workers and providing services in the U.S., forcing them to rethink their operating models. It already set them back by nearly $10 billion in lost market value of their shares on Monday, the first day of trading, after the news, but the impact of the decision could go much beyond that. That's our focus this week.

And the Indian central bank is likely to opt for continuity in its inflation targeting framework. Scroll down for more on that.

THIS WEEK IN ASIA-PACIFIC

The candidates vying to be Japan's next leader

Hardest-hit Vietnam risks losing $25 billion from US tariffs, UN estimates

China cracks down on online content inciting hostility, pessimism

UK, Australia and Canada recognise Palestinian state, Israel condemns decision

Trump says 'bad things' will happen if Afghanistan does not return Bagram air base

A NEW 'MAGA' FRONT

Donald Trump has opened a new front in his fight for MAGA, or 'Make America Great Again', by driving up the fees on H-1B visas, used by foreign tech workers, most notably Indians. Train American workers instead, Trump said, making the announcement.

The decision put the tech industry squarely in the middle of the global trade and immigration tensions, leaving Indian firms rethinking their plans and policymakers calculating the wider hit from Trump's latest salvo.

The initial announcement - which suggested an annual fee of $100,000 on anyone with an H-1B visa entering the U.S. from September 21 compared with just a few thousand dollars previously - sparked panic, with companies asking workers who hold such visas and are overseas to rush back. Travellers cancelled plans and scrambled to find flights to the U.S.

India's foreign ministry said the move could disrupt families, adding that the U.S. and India have both benefited from mobility of skilled workers.

The final version, however, was watered down, imposing a one-time fee on new visas only. Nevertheless, global tech executives have pushed back, warning of rising costs for large companies and startups.

While Amazon AMZN.O uses the largest number of H-1B visas, leading Indian IT services firms are all among the top-10 sponsors of the visas. And Indians are the biggest beneficiaries of these temporary work permits.

Analysts expect the immediate financial impact on margins and profitability to be manageable but warn of rising uncertainties for the sector. Brokerage ICICI Securities pegged the average hit on earnings per share at about 6% while Jefferies estimated it at 4%-13% for different firms based on the nature of business and use of these visas. They did not specify the time period for the profit hit.

Read here to understand the impact on India's IT services model.

In response, the Nifty IT index .NIFTYIT fell 3% on Monday, wiping out nearly $10 billion in market value. The index of IT stocks has been the worst performer among sectoral indices in the Indian market so far this year, down 18% compared to a 6% gain for the benchmark Nifty 50 .NSEI.

RIPPLE EFFECTS WILL BECOME EVIDENT LATER

The wider implications of a clampdown on Indian tech workers in the U.S. will only play out over time.

With fewer such professionals welcome in the U.S., wage growth in the domestic industry could be hurt at a time when a squeeze on profitability and increased use of AI have already brought on job cuts.

The sector, which employs 5.67 million people, is a significant driver of demand in the Indian economy.

Citi analysts believe remittance flows from the U.S. could also be impacted over time but added that quantifying the impact is difficult.

Displaced workers could find a home in other countries such as Britain and South Korea, which are looking at easier visa policies to attract talent.

Some analysts believe the visa fee hike may eventually benefit India by increasing offshoring via global capability centres (GCC), used by foreign firms for a range of services from accounting to research, which have powered up the country's services exports in recent years.

The H-1B shock and increasing uncertainty "could accelerate GCC trajectory and lift GCC exports as a share of India’s total services exports over time," said Madhavi Arora, chief economist at Mumbai-headquartered Emkay Global Financial Services.

But this growth also could be short-circuited.

A bill known as the HIRE Act and introduced by U.S. Republican Senator Bernie Moreno has made the industry nervous. Any version of the bill, which proposes taxing companies that hire foreign workers over Americans, could limit the offshoring opportunity.

"If the repercussion of this (H-1B fee increase) is substantial offshoring, it might invite a reaction in terms of service tariffs or offshoring taxes," brokerage house Ambit Capital said in a note.

How will Trump's latest move impact India's tech sector and the broader economy? Write to me at [email protected].

MARKET MATTERS

India's central bank is likely to recommend maintaining the inflation target of 4% for another five years, Reuters reported.

The inflation targeting framework is up for review by March 2026.

The continuation of the target means predictability in the trajectory of interest rates but also leaves room for at least one more cut this year as headline inflation remains within the central bank's target while core inflation has been stickier.

The Reserve Bank of India had sought views on whether the target should be changed from headline inflation to core inflation and if the target band should be different from the current 2%-6%.

With most stakeholders backing the current framework, the central bank is likely to suggest its continuation to the government.

THIS WEEK'S MUST-READ

European Union nations are keeping a close watch on any wildlife export requests from India and, in particular, Vantara, a private zoo run by the philanthropic arm of a conglomerate controlled by Asia's richest family, the Ambanis.

Indian investigators cleared the sanctuary of any wrongdoing this week but its operations continue to draw global scrutiny.

Read here to know why the Spix's macaw, a vivid-blue parrot, found itself in the middle of controversy around Vantara.

(Reporting by Ira Dugal; Editing by Muralikumar Anantharaman)

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Sept 22 (Reuters) - Indian information technology stocks .NIFTYIT fell 3.6% on Monday after U.S. President Donald Trump imposed a $100,000 fee on new H-1B visa applications, threatening the sector's long-standing model of rotating skilled workers into the U.S.

The index was the top sectoral loser, dragging the benchmark Nifty 50 .NSEI 0.3% lower.

All 10 stocks on the index traded lower, with losses led by Tech Mahindra's TEML.NS 5.8% slump.

(Reporting by Kashish Tandon in Bengaluru; Editing by Janane Venkatraman)

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Recasts paragraph 1, adds Amazon in paragraphs 6, 9

By Aditya Soni, Kristina Cooke and Jeff Mason

SAN FRANCISCO/WASHINGTON, Sept 19 (Reuters) - The Trump administration said on Friday it would ask companies to pay $100,000 per year for H-1B worker visas, prompting some big tech companies to warn visa holders to stay in the U.S. or quickly return.

The change could deal a big blow to the technology sector that relies heavily on skilled workers from India and China.

Since taking office in January, Trump has kicked off a wide-ranging immigration crackdown, including moves to limit some forms of legal immigration. The step to reshape the H-1B visa program represents his administration's most high-profile effort yet to rework temporary employment visas.

"If you're going to train somebody, you're going to train one of the recent graduates from one of the great universities across our land," said Commerce Secretary Howard Lutnick. Train Americans. Stop bringing in people to take our jobs."

Trump's threat to crack down on H-1B visas has become a major flashpoint with the tech industry, which contributed millions of dollars to his presidential campaign.

Microsoft MSFT.O, JPMorgan JPM.N and Amazon AMZN.O responded to the announcement by advising employees holding H-1B visas to remain in the United States, according to internal emails reviewed by Reuters.

They advised employees on the H-1B visas who were outside the U.S. to return before midnight on Saturday (0400 GMT on Sunday), when the new fee structures are set to take effect.

"H-1B visa holders who are currently in the U.S. should remain in the U.S. and avoid international travel until the government issues clear travel guidance," read an email sent to JPMorgan employees by Ogletree Deakins, a company that handles visa applications for the U.S. investment bank.

Microsoft, JPMorgan, law firm Ogletree Deakins, which represents the bank on the issue, and Amazon AMZN.O did not immediately respond to Reuters requests for comment.

Critics of the H-1B program, including many U.S. technology workers, argue that it allows firms to suppress wages and sideline Americans who could do the jobs. Supporters, including Tesla TSLA.O CEO and former Trump ally Elon Musk, say it brings in highly skilled workers essential to filling talent gaps and keeping firms competitive. Musk, himself a naturalized U.S. citizen born in South Africa, has held an H-1B visa.

Some employers have exploited the program to hold down wages, disadvantaging U.S. workers, according to the executive order Trump signed on Friday.

The number of foreign science, technology, engineering and mathematics (STEM) workers in the U.S. more than doubled between 2000 and 2019 to nearly 2.5 million, even as overall STEM employment only increased 44.5% during that time, it said.

MOVE COULD DETER GLOBAL TALENT

Adding new fees "creates disincentive to attract the world's smartest talent to the U.S.," said Deedy Das, partner at venture capital firm Menlo Ventures, on X. "If the U.S. ceases to attract the best talent, it drastically reduces its ability to innovate and grow the economy."

The move could add millions of dollars in costs for companies, which could hit smaller tech firms and start-ups particularly hard.

Reuters was not immediately able to establish how the fee would be administered. Lutnick said the visa would cost $100,000 a year for each of the three years of its duration but that the details were "still being considered."

Under the current system, entering the lottery for the visa requires a small fee and, if approved, subsequent fees could amount to several thousand dollars.

Some analysts suggested the fee may force companies to move some high-value work overseas, hampering America's position in the high-stakes artificial intelligence race with China.

"In the short term, Washington may collect a windfall; in the long term, the U.S. risks taxing away its innovation edge, trading dynamism for short-sighted protectionism," said eMarketer analyst Jeremy Goldman.

INDIA ACCOUNTS FOR MOST H-1B VISAS

India was the largest beneficiary of H-1B visas last year, accounting for 71% of approved beneficiaries, while China was a distant second at 11.7%, according to government data.

In the first half of 2025, Amazon.com AMZN.O and its cloud-computing unit, AWS, had received approval for more than 12,000 H-1B visas, while Microsoft MSFT.O and Meta Platforms META.O had over 5,000 H-1B visa approvals each.

Lutnick said on Friday that "all the big companies are on board" with $100,000 a year for H-1B visas.

"We've spoken to them," he said.

Many large U.S. tech, banking and consulting companies declined to comment or did not immediately respond to requests for comment. The Indian embassy in Washington and the Chinese Consulate General in New York also did not immediately respond to requests for comment.

Shares of Cognizant Technology Solutions CTSH.O, an IT services company that relies extensively on H-1B visa holders, closed down nearly 5%. U.S.-listed shares of Indian tech firms Infosys INFY.K and Wipro WIT.N closed between 2% and 5% lower.

IMMIGRATION CRACKDOWN

Aaron Reichlin-Melnick, policy director of the American Immigration Council, questioned the legality of the new fees. "Congress has only authorized the government to set fees to recover the cost of adjudicating an application," he said on Bluesky.

The H-1B program offers 65,000 visas annually to employers bringing in temporary foreign workers in specialized fields, with another 20,000 visas for workers with advanced degrees.

Nearly all the visa fees have to be paid by the employers. The H-1B visas are approved for a period of three to six years.

Trump also signed an executive order on Friday to create a "gold card" for individuals who can afford to pay $1 million for U.S. permanent residency.

(Reporting by Aditya Soni and Kristina Cooke in San Francisco, Jeff Mason in Washington and Siddharth Cavale and Nupur Anand in New York; Additional reporting by Reuters bureaus, Gnaneshwar Rajan and Preetika Parashuraman in Bengaluru and Greg Bensinger in San Francisco; Editing by Rosalba O'Brien and Tom Hogue)

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The authors are Reuters Breakingviews columnist. The opinions expressed are their own. Refiles to add correct topic code.

By Una Galani and Shritama Bose

NEW DELHI/MUMBAI, Sept 18 (Reuters Breakingviews) - In recent years, India has enjoyed a virtuous cycle. The fast growth and unusual stability of its $4 trillion economy has boosted the country’s confidence and standing in the world. But Donald Trump’s trade war and desire to bring jobs back to the United States could quickly undermine what Prime Minister Narendra Modi has called “India’s moment”.

The U.S. president’s decision to raise tariffs on imports of Indian goods to 50% puts the country at a competitive disadvantage to Asian peers and hurts its manufacturing ambitions. However, given that all overseas shipments generate just 11% of Indian GDP, the economy can absorb the blow. A greater threat is that deteriorating relations with the U.S. impact the country’s IT services industry which has played a leading role in India’s transformation over the past two decades.

Providing services to global companies including JPMorgan JPM.N, Goldman Sachs GS.N and Exxon Mobil XOM.N has created massive wealth, spurred the rise of major cities like Hyderabad and Bengaluru, and created the wall of money that has propelled the stock market, property prices, and the consumption of well-heeled Indians.

The two countries have resumed trade negotiations but New Delhi has limited bargaining chips. India is too poor for Modi to open its market to U.S. agricultural imports or to promise hundreds of billions of dollars of investment in the world’s biggest economy, as Japan has done. Meanwhile, India’s loose grip on supply chains means it cannot follow China’s lead by withholding exports of rare earths or other items.

Policymakers, industrialists and financiers in New Delhi and Mumbai are sympathetic to Modi’s position. They are also hopeful that Washington will quickly soften its stance to avoid pushing the South Asian country into the orbit of the People’s Republic. The alternative is too grim to contemplate.

A FINE BALANCE

Start with tariffs. If the 50% U.S. levy remains in place, it could wipe up to 0.6% off India’s GDP growth in the current financial year to the end of March, says V. Anantha Nageswaran, the nation’s chief economic adviser. Deduct this figure from the lower end of official forecasts and growth would shrink to 5.7%.

That’s unwelcome, but manageable. The tariff applies to only 13% of the $437 billion goods India shipped overseas last year, because pharmaceutical products and electronic items like Apple AAPL.O iPhones are exempt. Even so, Trump’s levy would lead to significant job losses because it makes goods from employment-intensive sectors like auto parts, gems, jewellery, and textiles unviable for export to the U.S.

A lower growth rate would leave India short of the minimum 6% annual pace New Delhi was targeting for the next decade, and well short of its potential of 8% or more. However, India could retain its status as the world’s fastest-growing large economy, ahead of China.

An attack on India’s services industry would be more severe. A sharp reduction of IT exports could lead to rocketing inflation and trigger a currency crisis because of the crucial balancing effect services exports have on India’s finances.

Services are an obvious if complicated target. Firms led by Tata Consultancy Services TCS.NS, Infosys INFY.NS and Wipro WIPR.NS generate up to 60% of their revenue from North America. Meanwhile, one in five Fortune 2000 companies have global centres in India.

Many multinational firms rely on Indians to handle their finance processes and deal with customer complaints. Though these hubs have evolved to include product engineering and innovation centres, including for artificial intelligence, the industry’s appeal remains rooted in its relatively low employment costs.

India’s services exports have grown at double the rate of the rest of the world between 2005 and 2023. Of the $341 billion India earned providing overseas services in the year ending March 2024, at least 30% or $103 billion came from the United States. That’s twice the value of goods exports targeted by Trump.

This model is now under attack from U.S. politicians eager to bring jobs back home. One symptom of the backlash is The Halting International Relocation of Employment Act, also known as the Hire Act, introduced this month by Ohio Senator Bernie Moreno. It proposes a 25% tax on outsourcing payments, defined as any money paid by a U.S. company or taxpayer to a foreign person whose work benefits U.S. consumers.

It’s unclear whether Trump supports the bill, and similar legislation has previously failed to win backing in Congress. But so long as Washington pursues an “America First” agenda, such threats will continue.

Reversing decades of outsourcing of services jobs would not be easy. A sudden move would leave global companies unable to file their accounts and support clients. Even a gradual shift could be fraught. The sheer number of English-speaking and numerically skilled workers in India cannot be found elsewhere.

Nevertheless, any sustained threat could be devastating, especially if AI also squeezes back-office headcounts. The crux of India’s recent economic stability is that it sells more services overseas than it buys from OpenAI, Perplexity, Alphabet’s GOOGL.O Google, and others. This helps contain the “twin deficits” in the country’s current account - a measure of its imports and exports – and in the government’s fiscal account.

Keeping a lid on these shortfalls prevents the rupee from depreciating too fast, curbs energy import costs, tames domestic inflation and reduces the need for politicians to spend borrowed money to support the large swathes of poor among the country’s 1.4 billion inhabitants. It has also helped to shrink the risk premium global investors assign to India.

When the twin deficits expand, India suffers. It experienced a sharp rupee depreciation and significant capital outflows during the 2013 “taper tantrum” when the U.S. Federal Reserve slowed down its bond purchases.

Modi has ways to offset the damage. His administration is doubling down on efforts to strike free trade agreements, including with the European Union. It is also waving through reforms to spur consumption and cut red tape. However, these steps are insufficient to replace lost American exports or truly unshackle Indian businesses.

Trump’s tariff war has shown the U.S. president is willing to inflict economic pain on his own country to try and achieve his aims. The risk for India is that what was a virtuous cycle for its economy turns into a vicious one.

Follow Una Galani on LinkedIn and X.

Follow Shritama Bose on LinkedIn and X.

(Editing by Peter Thal Larsen; Production by Aditya Srivastav)

((For previous columns by the authors, Reuters customers can click on GALANI/ [email protected];; [email protected] ))

Sept 15 (Reuters) - Wipro Ltd WIPR.NS:

• WIPRO LTD - PARTNERS WITH CROWDSTRIKE TO LAUNCH CYBERSHIELDSM MDR

Source text: ID:nBSE694h13

Further company coverage: WIPR.NS

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Adds details throughout

Aug 21 (Reuters) - Indian tech firm Wipro WIPR.NS said on Thursday it would buy the digital transformation solutions unit of U.S.-based audio products maker Harman for $375 million, aiming to bolster its AI-led engineering services across sectors.

The DTS unit, Harman Connected Services, will be integrated into Wipro's engineering global business line once the deal is completed — expected by the end of the year.

More than 5,600 DTS employees across the Americas, Europe and Asia will transition to Wipro after the deal closes.

"The acquisition of DTS marks a pivotal step in Wipro's ambition to bring to our clients end-to-end, AI-powered engineering services," Wipro Managing Partner and Global Head of Engineering Srikumar Rao said.

Harman, owned by Samsung 005930.KS, is best known for its audio brands JBL, Harman Kardon and Infinity. It runs research and development centres in India through Harman Connected Services.

The sale will allow Harman to sharpen focus on its core automotive electronics and audio business, it said in a separate statement.

The deal will also allow Harman Connected Services to scale faster, with access to Wipro's global client base, resources and technology.

(Reporting by Ananta Agarwal and Chandini Monnappa in Bengaluru; Editing by Nivedita Bhattacharjee, Sonia Cheema and Shilpi Majumdar)

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Aug 13 (Reuters) - Wipro Ltd WIPR.NS:

• PARTNERS WITH GOOGLE CLOUD TO LAUNCH AGENTIC AI SOLUTIONS

Source text: [ID:]

Further company coverage: WIPR.NS

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Adds reporters' bylines

By Sai Ishwarbharath B and Haripriya Suresh

BENGALURU, Aug 8 (Reuters) - Indian outsourcing giant Tata Consultancy Services' TCS.NS decision to cut over 12,000 jobs signals the start of a broader AI-fueled trend that could end up eliminating around half a million jobs over the next two to three years from the $283 billion sector, experts said.

While TCS pegged the move to shed 2% of its workforce to skill mismatches rather than AI-related productivity gains, experts viewed the largest-ever layoffs by India's top private employer as the beginning of things to come in the labour-intensive sector. Roughly 12,200 TCS middle and senior management jobs will be lost.

The industry, which has played a crucial role in creating a middle class in India, is increasingly seeing AI being used for everything from basic coding to manual testing and customer support.

The sector employed 5.67 million people as of March 2025 and accounted for over 7% of India's GDP. It has a huge multiplier effect due to the direct and indirect jobs it creates and the cars-to-homes consumption it drives in the world's fifth-largest economy.

It has historically absorbed a majority of India's engineers but that will change as rising AI use ekes out more efficiencies and demands newer skills that many current employees lack, according to half a dozen industry veterans, analysts, and staffing firms.

"We are in the midst of a massive transition that will transform white-collar work as we know it," said Silicon Valley-based Constellation Research founder and chairman Ray Wang, echoing other experts who warned that more layoffs are likely on the cards.

The most vulnerable employees include pure people managers with minimal tech knowledge, those in charge of testing or identifying bugs and ensuring user-friendliness before delivering software to clients, and infrastructure management staff who provide basic tech support and ensure networks and servers are working well, experts said.

"About 400,000 to 500,000 professionals are at risk of being laid off over the next two to three years as their skills don't match client demands," tech market intelligence firm UnearthInsight's founder Gaurav Vasu said, adding that about 70% of those layoffs would impact workers with 4-12 years' experience.

"This (fear stemming from TCS layoffs) may hurt consumer demand for tourism, luxury shopping and even delay long-term investments such as real estate," Vasu said.

TCS and its peers Infosys INFY.NS, HCLTech HCLT.NS, Tech Mahindra TEML.NS, Wipro WIPR.NS, LTIMindtree LTIM.NS, and Cognizant CTSH.O collectively employ over 430,000 workers with 13 to 25 years of experience, according to staffing firm Xpheno.

"At the moment, they may appear like the big fat middle layer," Xpheno's co-founder Kamal Karanth said. None of the IT firms responded to Reuters queries seeking comment.

"With cost optimization being the key driver for new deal wins, clients are asking for productivity benefits - a trend which is also growing due to the rise in AI adoption. This requires IT firms to do more work with the same number of employees or the same work with fewer employees," Jefferies analyst Akshat Agarwal said in a research note.

ADAPT OR PERISH

TCS, which had more than 613,000 workers before the layoffs, said in its late July announcement it was gearing up to be "future-ready" by investing in new technologies, entering new markets, deploying AI at scale for its clients and itself, and realigning its workforce model. It did not answer Reuters queries on how many layoffs were tied to AI adoption and why it could not redeploy the affected employees.

"This is very devastating news," said a 45-year-old, Kolkata-based TCS employee affected by the latest layoffs. "It is very difficult for people my age to get new jobs."

Some others who are still at TCS fretted over its mediocre performance bonuses for senior employees in recent quarters, a new "bench policy" that limits the time somebody could be without a project regardless of personal circumstances or past performance, on-boarding delays, and the emotional turmoil caused by the layoffs.

"All these developments have tanked the morale of mid-career folks like me," a Pune-based TCS employee said.

The Indian outsourcing sector has been a key employment engine since the 1990s, offering upward mobility to millions of engineers. But revenue growth has weakened recently as its clients, stung by inflation and U.S. tariff uncertainty, defer discretionary spending and demand better cost management.

"The tech industry is at an inflection point, as AI and automation move to the very core of how businesses operate," industry body Nasscom said.

During past tech revolutions, disruption was felt at the organisational level.

"With AI, for the first time, the onus is on the individual to reinvent or re-skill themselves," former Tech Mahindra CEO CP Gurnani said.

(Reporting by Sai Ishwarbharath B and Haripriya Suresh; Editing by Dhanya Skariachan and Kim Coghill)

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July 24 (Reuters) - Wipro Ltd WIPR.NS:

• WIPRO WINS MULTI-YEAR “SMART GRID” DEAL FROM SAUDI ELECTRIC COMPANY

Source text: ID:nnAZN499O8V

Further company coverage: WIPR.NS

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BENGALURU, July 23 (Reuters) - India's Infosys INFY.NS narrowed its forecast for the current fiscal year on Wednesday, after posting bigger-than-expected first-quarter revenue on a boost from Europe market.

The Bengaluru-based firm changed its annual forecast to 1%-3% from the flat-to-up-3% range announced in the previous quarter.

Analysts were largely expecting the firm to lift the bottom end of the range to 1%.

The company's consolidated sales rose 7.5% year-on-year to 422.79 billion rupees ($4.89 billion) in the June quarter.

Analysts, on average, expected 418.06 billion rupees, as per data compiled by LSEG.

($1 = 86.3880 Indian rupees)

(Reporting by Sai Ishwarbharath B ; Editing by Nivedita Bhattacharjee )

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Adds analysts comments in paragraph 7 and 8, stock details in paragraph 3

July 18 (Reuters) - India's Wipro WIPR.NS rose as much as 4% on Friday after the country's fourth-largest IT firm reported better-than-expected quarterly earnings, driven by improved client spending in segments of its Americas business.

At least six brokerages upgraded Wipro's stock after the company posted a 0.8% rise in first-quarter revenue and an 11% jump in net profit, both topping analysts' average estimates, according to LSEG data.

Data also showed that at least 10 brokerages raised their price targets on the stock, which was the top gainer on the benchmark Nifty 50 index and the IT index .NIFTYIT early on Friday. The blue-chip index and the IT index were both down 0.6% and 0.2%, respectively.

India's fourth-largest IT company said it expects revenue for the September quarter to be in the range of $2.56 billion and $2.61 billion, ranging between a drop of 1% and a rise of 1%, in line with what analysts were expecting.

Analysts at Morgan Stanley said strong large deal wins at Wipro "bode well" for growth in the second half of the fiscal year, while those at Investec said deal wins were the "big highlight of the quarter," and were the highest in more-than 13 quarters.

Wipro's deal wins rose to $5 billion in the quarter, up from $3.3 billion a year earlier.

"More importantly, these large deals are concentrated among Wipro's top clients, which implies greater wallet share," Morgan Stanley analysts said in a note.

Wipro's quarterly performance stood in contrast to rivals Tata Consultancy Services TCS.NS and HCLTech HCLT.NS, which reported weaker revenue for the same period.

TCS and Infosys INFY.NS shares were up 0.1%, while HCLTech shares were down 0.8% on Friday.

(Reporting by Manvi Pant; Editing by Chandini Monnappa and Nivedita Bhattacharjee)

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BENGALURU, July 16 (Reuters) - The demand outlook for India's $283-billion IT sector remains uncertain due to U.S. tariff risks and global geopolitical factors, a senior Wipro WIPR.NS executive said on Wednesday.

"Customers are getting acclimatised to living in a world that is uncertain," said Rishad Premji, executive chairman of the country's fourth-largest IT firm by revenue.

"The (overall) environment remains uncertain. It has not gotten any worse but not gotten significantly better at the moment."

He was speaking at the company's annual shareholder meeting ahead of first-quarter results scheduled to be announced on Thursday.

Clients have tightened non-essential or discretionary spending and are focussing more on cost-cutting projects enabled through tech, said Premji.

Uncertainty around U.S. tariffs have dashed hopes of IT companies of a revival in client confidence and spending in its biggest market. A survey in May showed two in five tech executives had deferred discretionary projects.

Premji, however, said green shoots had emerged in pockets in terms of discretionary spending.

Indian IT companies have so far reported tepid earnings for the June quarter.

Last Thursday, bellwether Tata Consultancy Services TCS.NS missed quarterly revenue estimates as its clients stayed cautious about non-essential spending amid U.S. tariff-related uncertainty.

TCS CEO K Krithivasan said delays in decision-making and project starts "intensified" in the June quarter, adding that it was "too early" to predict when the growth would resume.

HCLTech HCLT.NS reported June-quarter profit below analyst estimates on Monday and lowered its operating margin forecast for fiscal 2026.

(Reporting by Sai Ishwarbharath B; Editing by Subhranshu Sahu)

(([email protected];))

Recasts throughout; adds CEO, analyst comments

By Sai Ishwarbharath B and Haripriya Suresh

BENGALURU, July 10 (Reuters) - Tata Consultancy Services TCS.NS, India's top software-services exporter, missed quarterly revenue estimates on Thursday as its clients stayed cautious about non-essential spending amid tariff-related uncertainty.

The revenue shortfall at TCS, the first Indian tech major to report results, raised concerns about future demand for the country's $283 billion IT sector and dragged down U.S. listed shares of rivals Infosys INFY.NS and Wipro WIPR.NS.

"The trend of delays in decision-making and project starts with respect to discretionary spends has continued and intensified in this quarter," CEO K Krithivasan said on a conference call.

While it is "too early" to predict when growth will resume, the passage of the U.S. spending bill could provide some clarity by the end of July or early August, Krithivasan said.

Consolidated sales in the first quarter rose 1.3% to 634.37 billion rupees ($7.40 billion), missing analysts' average estimate of 646.66 billion rupees, according to data compiled by LSEG.

Uncertainty around U.S. tariffs has quashed IT companies' hopes of a revival in client confidence and spending in its biggest market. A survey in May showed two in five tech executives had deferred discretionary projects.

TCS's revenue in four out of its six verticals fell compared to the same period last year, while banking and financial services' revenue grew 1% and tech services rose 1.8%.

Its total order bookings stood at $9.4 billion during the quarter, versus $12.2 billion in the previous quarter and $8.3 billion in the year-ago period.

"The weak topline numbers highlight cautiousness among clients," said Sagar Shetty, research analyst at StoxBox.

"This theme would likely spill over to (other) tier 1 companies as well. Drag in deal wins also undermines revenue visibility, which might warrant revision in upper end of guidance (for other companies)," Shetty said.

HCLTech HCLT.NS, Infosys and Wipro report results later in July. U.S.-listed shares of Infosys fell 3.3%, while those of Wipro were down 4.2% as of 1920 IST.

TCS's net profit rose 6% to 127.60 billion rupees, while analysts expected 122.16 billion rupees. The profit beat was largely tied to a wage hike delay and a jump in other income.

($1 = 85.6690 Indian rupees)

(Reporting by Sai Ishwarbharath B and Haripriya Suresh; Editing by Dhanya Skariachan, Mrigank Dhaniwala and Saumyadeb Chakrabarty)

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June 10 (Reuters) - Wipro Ltd WIPR.NS:

• EXTENDS PARTNERSHIP WITH METRO AG FOR TWO YEARS

• WIPRO WILL CONTINUE TO PROVIDE METRO WITH INTEGRATED DIGITAL SERVICES

Source text: ID:nBSEhVgqm

Further company coverage: WIPR.NS

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** Shares of Wipro WIPR.NS rise 1.9% to 253.21 rupees

** IT services firm's 202.3 mln shares traded in a block deal worth 50.58 bln rupees ($590.8 mln) on NSE at 250 rupees apiece

** Stock set to gain for fourth straight session

** WIPR down ~16% YTD

($1 = 85.6150 Indian rupees)

(Reporting by Vijay Malkar)

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May 29 (Reuters) - Wipro Ltd WIPR.NS:

• LAUNCHES GLOBAL INNOVATION NETWORK

Source text: ID:nBSEZMtxD

Further company coverage: WIPR.NS

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Updates for markets open

April 17 (Reuters) - India's benchmark indexes inched lower at the open on Thursday, dragged by information technology stocks after Wipro forecast a decline in revenue for the April-to-June quarter amid global tariff turmoil.

The Nifty 50 .NSEI was down 0.3% at 23,368.55, while the BSE Sensex .BSESN fell 0.24% to 76,868.4, as of 9:15 a.m. IST.

Wipro WIPR.NS fell 5.1%, dragging the IT index .NIFTYIT 1.4% lower, after the software company missed fourth-quarter revenue estimates and warned that its revenue may drop 1.5% to 3.5% in the current quarter.

Shares of bigger rival Infosys INFY.NS fell 1.1%. The company will announce its earnings after Indian market hours on Thursday.

Eight of the 13 major sectors declined at the open. The broader, more domestically focussed smallcaps .NIFSMCP100 and midcaps .NIFMDCP100 fell about 0.2% each.

The blue-chips Nifty 50 and Sensex rose 4.6% and 4.3%, respectively, in the last three sessions.

(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Eileen Soreng and Mrigank Dhaniwala)

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** Shares of Wipro Ltd WIPR.NS trade 0.3% higher ahead of the IT exporter's Q4 results, top gainer among IT stocks

** Analysts on avg expect WIPR to report a 1.9% rise in Q4 rev to 226.21 billion rupees ($2.64 billion), their biggest jump in five quarters - as per data compiled by LSEG

** Q4 profit seen growing 17.8% to 33.38 billion rupees - data compiled by LSEG

** Analysts expect WIPR to report sequential rev growth in the lower-end of its -1% to +1% outlook

** Q4 results coincide with Srini Pallia completing a year as CEO

** Last week, market leader TCS TCS.NS said it expects better growth in FY26, while brokerages were doubtful of growth amid recession fears in top market U.S.

** Analysts tracking WIPR rate stock "hold", similar to majority of stocks on 10-member Nifty IT .NIFTYIT index - data compiled by LSEG

** Stock down ~19% YTD, the least in IT index, which is down ~24%

($1 = 85.6425 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru)

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• Wipro Ltd WIT.N, WIT is expected to show a fall in quarterly revenue when it reports results on April 16 for the period ending March 31 2025

• The Bangalore Karnataka-based company is expected to report a 1.9% decrease in revenue to $2.623 billion from $2.67 billion a year ago, according to the estimate from one analyst, based on LSEG data.

• ​LSEG's mean analyst estimate for Wipro Ltd is for earnings of 4 cents per share.

• The current average analyst rating on the shares is "sell" and the breakdown of recommendations is no "strong buy" or "buy," 3 "hold" and 5 "sell" or "strong sell."

• The mean earnings estimate of analysts was unchanged in the last three months. ​

• Wall Street's median 12-month price target for Wipro Ltd is $2.89​, above​ its last closing price of $2.84. ​​​

This summary was machine generated April 14 at 10:32 GMT. All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact [email protected])

BENGALURU, April 10 (Reuters) - India's largest software services provider Tata Consultancy Services TCS.NS posted lower-than-expected revenue for the fourth quarter due to persistent weakness in North America, its largest market.

The company's consolidated revenue rose 5.3% to 644.79 billion rupees ($7.49 billion) in the quarter. Analysts, on average, expected 647.58 billion rupees, per data compiled by LSEG.

($1 = 86.1390 Indian rupees)

(Reporting by Haripriya Suresh; Editing by Devika Syamnath)

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Corrects syntax in paragraph 1

By Haripriya Suresh

BENGALURU, April 4 (Reuters) - India's $283-billion IT sector should brace for a rough year ahead as tariffs are likely to stoke inflation in its key U.S. market and force clients to cut spending, analysts said.

Although President Donald Trump did not impose direct tariffs on IT services, Indian firms are expected to feel the heat as clients, especially in manufacturing, logistics and retail sectors, adjust to the new levies.

That could slow deal cycles, delay existing projects and hurt revenue growth, analysts said. Bernstein and ICICI Securities rushed to cut their ratings on the Indian IT sector soon after the tariff announcement.

The tariffs come at a time the sector was counting on Trump to revive client confidence and discretionary spending after years of weak revenue growth.

The U.S. accounts for more than half of India's $190 billion software exports, making the sector sensitive to shifts in spending confidence among businesses in the world's largest economy. J.P.Morgan on Friday lifted global and U.S. recession odds to 60% after Trump's tariff announcement.

"With a rising risk of U.S. recession and uncertain decision-making, we think chances of fiscal 2026 being a complete washout are rising," J.P. Morgan said in a note on Friday, without giving specific numbers.

At least six analysts expect Indian IT firms to issue a "conservative" annual revenue growth forecast when quarterly results start next week.

Companies with a greater exposure to discretionary spending are expected to bear the brunt of any tariff-fueled slowdown.

"Discretionary IT spend will likely see an impact across the industry verticals. Companies to get impacted will typically be the high-growth companies in the large caps and some of the mid-caps where the exposure usually is much higher on the discretionary side," BNP Paribas analyst Kumar Rakesh said.

He added the impact of a potential slowdown could be apparent by the September quarter.

India's Nifty IT index .NIFTYIT fell 3.6% on Friday to take its losses for the week to 9.15%, the steepest weekly fall for the index in more than five years.

(Reporting by Haripriya Suresh; Editing by Dhanya Skariachan, Sonia Cheema and Saumyadeb Chakrabarty)

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** Wipro's shares WIPR.NS rise 1.5%, top gainer on the IT index .NIFTYIT, which is up 0.3%

** The No.4 IT services provider wins 10-year deal worth $650 mln from British insurer Phoenix Group PHNX.L, it's second "mega deal" this fiscal year

** Wipro also joint top gainer on benchmark Nifty 50 .NSEI, which is up 0.3%

** Stock rated "hold" on avg by 39 analysts -LSEG data

** Stock down ~11% in 2025 vs ~14% drop in IT index

(Reporting by Yagnoseni Das in Bengaluru)

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BENGALURU, March 26 (Reuters) - Wipro WIPR.NS, India's No.4 IT services provider, won a 10-year deal worth 500 million pounds ($645.4 million) from British insurer Phoenix Group PHNX.L, the company said on Wednesday, announcing its second mega deal this financial year.

Mega deals, which are typically worth more than $500 million, are key revenue drivers for IT services companies. In June 2024, Wipro announced a $500 million deal with a U.S. communications service provider.

The latest deal is for Phoenix Group's ReAssure business where Wipro will work on life and pension business administration.

Wipro will increase its presence in the United Kingdom and will set up hubs for both operations and technology which will staff employees from both companies, it said in a statement.

Some employees from Phoenix will also transition to Wipro, it said, but did not divulge numbers.

Wipro's Mumbai-listed shares closed 1.3% down on Wednesday. The statement came after the Indian stock market closed for the day.

($1 = 0.7747 pounds)

(Reporting by Haripriya Suresh; Editing by Savio D'Souza)

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By Haripriya Suresh and Bharath Rajeswaran

BENGALURU, March 21 (Reuters) - India's information technology companies, among the worst-performing sectors this year, may not see a recovery in fiscal 2026, analysts said, after Accenture ACN.N flagged weak discretionary spending and demand in its quarterly report.

Accenture, the world's largest IT services player and a bellwether for the Indian IT industry, warned on Thursday that spending on discretionary projects in the quarter "was still constrained" and flagged no meaningful increase in client budgets.

Escalating global trade tensions following fresh U.S. tariffs on trading partners has sparked concerns over a slowdown in the United States - a key market for Indian IT companies.

"Whatever has happened in the last two months has created a higher level of uncertainty in terms of how the first half of fiscal 2026 will pan out and what impact it will have on the FY26 recovery rate," Amit Chandra, deputy vice president at HDFC Securities, told Reuters.

India's IT index is currently down 15.3% so far this year and is set for its worst quarter since June 2022. Top firms such as TCS TCS.NS, Wipro WIPR.NS, Infosys INFY.NS and HCLTech HCLT.NS lost between 11.2% and 18.1% this year.

Analysts at Kotak Institutional Equities said softening demand recovery and weak mega deal flow in fiscal 2025 will result in lower incremental revenue from mega deals in fiscal 2026 for Indian Tier-1 IT. "Companies will also face net headwinds from early stages of gen AI adoption," they said.

Citi Research has estimated that IT companies in its coverage could see revenue growth of 4% in fiscal 2026, similar to fiscal 2025, while Morgan Stanley expects growth assumption to be hurt due to subdued client spending.

According to Chandra, while banking, financial services, and insurance (BFSI) and healthcare verticals showed signs of recovery, the last two months' uncertainty has meant that clients across sectors are "going into a wait-and-watch mode", and can likely curtail spends.

Accenture also largely flagged delays and cancellations of new contracts in the U.S. due to the Trump administration's moves. However, while "Indian IT has limited exposure," according to Citi analysts, this can "increase competitive intensity in other segments".

(Reporting by Haripriya Suresh and Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman)

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March 19 (Reuters) - Wipro Ltd WIPR.NS:

• ANNOUNCES NEW AGENTIC AI SERVICES FOR GLOBAL DEPLOYMENT

• AI SERVICES POWERED BY WEGA STUDIO AND NVIDIA AI

• WIPRO BRINGS SOVEREIGN AI SERVICES WITH NVIDIA AI TO GOVERNMENTS AND ENTERPRISES AROUND WORLD

Source text: ID:nBSE3BgGz9

Further company coverage: WIPR.NS

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