Wipro Ltd.

IT major Wipro will be excluded from the National Stock Exchange’s (NSE) benchmark index, Nifty, from April 1 as its non-IT businesses is being hived off into a separate unit. A corporate action like demerger of a listed company generally results in a short-term withdrawal of the scrip from the index as it has been happening in the past where such corporate action had been initiated. However, the scrip is expected to be restored on Nifty’s 50 list, on completion of the corporate action in next few months.

Back in November last year, Wipro’s board had approved the demerger of the non-IT businesses, Wipro Consumer Care & Lighting (including furniture business), Wipro Infrastructure Engineering (hydraulics and water businesses) and Medical Diagnostic Product & Services, into a privately held company to be named Wipro Enterprises.

The company registered a rise of 39.39% in its net profit at Rs 1483.00 crore in Q3FY13 as compared to Rs 1063.90 crore in the corresponding quarter previous year. The total income of the company also increased by 14.16% to Rs 9580.70 crore for the quarter under review as compared to Rs 8392.40 crore in the same quarter last year.

On the consolidated basis, the company posted a rise of 17.85% in its net profit after taxes, minority interest and share of profit of associates at Rs 1716.40 crore for the quarter ended December 31, 2012 as compared to Rs 1456.40 crore for the same quarter in the previous year. The total income increased by 11.11% at Rs 11311.50 crore for quarter under review as compared to Rs 10180.00 crore for the quarter ended December 31, 2011.