IT stock jumps up to 2% after company launches a Cyber Defense Center overseas 

The share of India’s fourth-largest IT service company rose around 2 percent to Rs 443.25 apiece after the company announced the launch of its Cyber Defense Center (CDC) in Dusseldorf, Germany. 

At 12:50 p.m., On the National stock exchange, Wipro Ltd shares were trading at Rs 437.55 per share, up 0.41 percent from the previous close price. The company has a market capitalization of Rs 2,28,394 crore. 

According to Wipro’s exchange filing, The Company announced the launch of its Cyber Defence Centre (CDC) in Dusseldorf, Germany. Wipro’s Cyber Defence Centre, the 17th of its type, will offer its clients round-the-clock cybersecurity monitoring, incident response, and remediation assistance. 

Further, The center will also provide tailored cybersecurity exercises for clients to train them on real-world scenarios and will stress-test their cyber defenses to assess their overall cyber resilience. 

As part of Wipro and Microsoft’s worldwide relationship, this center will use Microsoft’s portfolio of cybersecurity technologies, especially Microsoft Sentinel, Microsoft Defender for Endpoint, and Defender for IOT (Internet of Things) solutions. 

For the most recent fiscal year, the company profitability ratios show a return on equity of 14.61 percent and a return on capital employed of 17.46 percent. 

Wipro’s revenue has increased by 6 percent year on year, from Rs 21,528 crore in Q1FY23 to Rs 22,831 crore in Q1FY24. During the same timeframe, Net profit has increased by 13 percent from Rs 2,560 crore to Rs 2,885 crore. 

According to the latest shareholding pattern, the promoters hold 72.91 percent of the company, Domestic institutional investors hold 9.83 percent and Foreign institutional investors hold a 6.32 percent stake. 

Wipro Ltd. is a global Information technology, consulting, and business process services (BPS) company that provides a holistic portfolio of capabilities in consulting, design, engineering, and operations. 

Written by Omkar Chitnis

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