Wipro hits new high

Wipro, which has closed yesterday at Rs.543.05, opened slightly higher today at Rs.546 and went on to hit a new high at Rs.550; it has come off this high and is now trading around Rs.544 levels.

The stock hit a high after it stated that it had sold off its entire stake in Denim Group for a consideration of around Rs.160 crore or $22.42million.

The company had acquired, March 2018, a 33.33% stake in Denim Group Ltd and Denim Group Management, LLC, an independent application security firm, for a consideration of $8.83 million. This means in three years, the company has made a cool profit of $13.59 or an over 150% gain.

The company also announced that it has made a less than 20% stake in US-based IT incident response company Squadcast for $1.2 million and will complete this deal before end of this month.