Wipro acquires shares of Drivestream Inc.

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Wipro has invested $809,690 in management and IT consulting firm, Drivestream Inc, the company informed the bourses on Wednesday. This cash consideration will result in Wipro acquiring 19,679 preferred stock and 27,865 common stock.
 
The investment gives Wipro the ability to benefit from Drivestream’s market leading Oracle Cloud HCM and Oracle Cloud ERP solutions.
 
Meanwhile, Wipro was down 2.2% at Rs 253.45 per share at 1139 hours IST on BSE. The stock hit a high of Rs 261.30 and a low of Rs 253.30 so far during the day.
 
The stock has outperformed BSE IT index and underperformed BSE Sensex in a period of one year. Its peers include Infosys and TCS.
 
Wipro Limited is a global information technology services provider. It operates through two segments: IT Services and IT Products.
 
Stock View:
 
Wipro Ltd is currently trading at Rs 252.65, down by Rs 6.7 or 2.58% from its previous closing of Rs 259.35 on the BSE.
 
The scrip opened at Rs 261 and has touched a high and low of Rs 261.3 and Rs 252.5 respectively. So far 1714147(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 126216.63 crore.
 
The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 288.75 on 13-Jul-2016 and a 52 week low of Rs 205 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 281 and Rs 257 respectively.
 
The promoters holding in the company stood at 73.25 % while Institutions and Non-Institutions held 16.73 % and 9.45 % respectively.
 
The stock is currently trading below its 50 DMA.