Mumbai, July 1 :
Mumbai, July 1:
Wipro today said its stock has been included in New York Stock Exchange's (NYSE) technology, media and telecommunications (TMT) index. Its American Depository shares are listed on the Big Board. The NYSE TMT index tracks the top 100 technology, media and telecommunications stocks listed on a bourse that has the highest capitalisation in the world.
Companies in the index have a market capitalisation of $ 2.3 trillion - that is 45.7 per cent of the global market cap of TMT companies at $ 5.1 trillion. NYSE's TMT index also equals the value of 4,000 companies in the Nasdaq Composite Index, a Wipro release said.
The index is the first to gauge the global TMT market, with all components priced during US trading hours.
Commenting on Wipro's entry into the NYSE TMT index, Suresh Senapaty, company executive vice-president (finance), said: 'We are delighted to be part of this prestigious global index, which comprises global leaders in technology, media and telecommunications. Inclusion in this index is a re-affirmation of Wipro's leadership in the technology services market and will significantly enhance the brand.'
The TMT index is one of the four gauges launched by NYSE to track the performance of companies in key market segments. The indices are - the NYSE US 100 (the 100 largest US companies), NYSE International 100 (the 100 largest non-US companies), NYSE TMT, and NYSE World Leaders, which combines components of the US 100 and International 100 indices.
Wipro is the first PCMM Level 5 and SEI CMM Level 5-certified infotech company in the world. It provides comprehensive IT solutions and services, including systems integration, Information Systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally.
In India, Wipro provides infotech solutions and services to corporate clients. These include system integration, network integration, software solutions and IT services. It also has a strong presence in the niche market segments of consumer products and lighting. In Asia Pacific and West Asia, Wipro provides IT solutions and services to global corporations.
Meanwhile, the company today informed stock exchanges that its board would consider first quarter audited accounts on July 18 and approve them on July 19.
Last week, the company had announced its intention to set up a marketing office in China in a year, and a software development centre in France in the near future. Sitting on cash reserves of Rs 1,400 crore, it also said it is looking at takeovers in IT consultancy and products.
Some of Wipro's customers, such as Nortel, Cisco and IBM, have been persuading it to look at the Chinese market for systems integration, company chairman Azim Premji said.