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Wipro tasks insider to revive fortunes in its No. 2 market

Livemint

Livemint · 9m ago

Wipro tasks insider to revive fortunes in its No. 2 market

Indian software services provider, Wipro Ltd, has appointed Omkar Nisal as the new CEO of its Europe business, as the company aims to revive its underperforming market. Nisal will take over the role immediately, reporting to CEO Srinivas Pallia. He succeeds Pierre Bruno, who had been in charge of the Europe market since February 2021. Wipro's Europe business accounted for 27.9% of its quarterly revenue in the three months through September. The company's Europe operations have experienced slower growth compared to rivals Tata Consultancy Services and HCL Technologies.

Related News

The silent rise of veterans at Wipro's top decks

Livemint

Livemint · 8m ago

The silent rise of veterans at Wipro's top decks

Wipro, India's fourth largest technology services firm, has seen several top-level changes since CEO Srinivas Pallia took over in April. The company has been promoting internal candidates to leadership roles, with six out of eight top-level changes coming from within. These internal promotions are seen as a way to boost morale within the company and have a higher chance of success. Wipro is currently focused on efforts to revive its fortunes after experiencing a decline in revenue.

Disney gambles on free cricket to turn the tables in India streaming war

Reuters · 2y ago

Disney gambles on free cricket to turn the tables in India streaming war

Walt Disney is attempting to revive the fortunes of its streaming business in India by offering free cricket on smartphones, betting that the strategy will boost advertising revenue and offset the impact of a subscriber exodus.

Burberry to Slash 1700 Jobs Amid £66M Loss

StartupTalky

StartupTalky · 3m ago

Burberry to Slash 1700 Jobs Amid £66M Loss

Burberry plans to cut 1,700 jobs, about 20% of its global workforce, following a £66M loss, as part of a restructuring initiative led by CEO Joshua Schulman. The focus shifts to heritage staples and high-margin leather accessories. While financial improvements were noted, such as a £26 million adjusted operating profit for 2025, the brand faces challenges with declining global sales and economic uncertainties. The company is eyeing both cost-cutting and strategic refocusing to revive its fortunes.

How VIP is trying to shed its baggage

Livemint

Livemint · 1y ago

How VIP is trying to shed its baggage

Dilip Piramal, chairperson of VIP Industries, is counting on the newly appointed managing director, Neetu Kashiramka, to revive the company's fortunes. VIP Industries has faced challenges with declining margins, inventory issues, and competition from both established players and emerging startups. Kashiramka plans to focus on cutting costs, shifting to an asset-light model, and launching new products to regain market share. She aims to elevate EBITDA margins to 15% by FY25 and transform VIP into a more diversified business. Despite the current struggles, investors are hopeful about the company's turnaround strategies.

Wipro Consumer Venture Arm Picks Up Minority Stake In Snack Brand Let’s Try

Inc42 · 1y ago

Delhi NCR snack brand, Let's Try, has received an undisclosed amount of funding from Wipro Consumer Care - Ventures and existing investor, 100Unicorns. Let's Try aims to use the funds to strengthen its market presence. The investment is Wipro Consumer Care - Ventures' second in the food sector and the company plans to make 1-2 more investments this year. Let's Try currently boasts an annualized revenue run rate of more than INR 50 Cr.

Nisaba Godrej resigns as independent director from the board of VIP Industries

Livemint

Livemint · 1y ago

Nisaba Godrej resigns as independent director from the board of VIP Industries

Nisaba Godrej has resigned as an independent director from the board of VIP Industries due to differences in succession planning with founder-chair Dilip Piramal. Radhika Piramal, Dilip's daughter and VIP's London-based vice-chairperson, has expressed reluctance to continue running the business, prompting the family to consider selling its stake. Godrej's resignation comes as VIP Industries faces tough competition from Samsonite and cheaper Chinese manufacturers. The company has also seen top-level exits and a decline in profit. VIP Industries' CEO, Neetu Kashiramka, has outlined strategies to revive the company's fortunes.

CoinSwitch parent forays into equity trading with Lemonn

Livemint

Livemint · 1y ago

CoinSwitch parent forays into equity trading with Lemonn

CoinSwitch parent PeepalCo has expanded beyond cryptocurrencies by launching its brokerage arm, Lemonn, to offer equity trading. The move is aimed at reviving the company's business following a downturn in the cryptocurrency industry. Lemonn plans to target underrepresented retail equity investors in India by providing a curated view of stocks based on sell-side analyst outtakes and industry-based curation of lesser-known stocks across sectors. Lemonn is expected to revive PeepalCo's fortunes after reporting an 82% decline in net revenue in FY23. The equity and crypto platforms will operate independently, with no cross-sharing of user data or operational overlap.

Intel CEO Pat Gelsinger to pitch board on plans to shed assets, cut costs

Economic Times

Economic Times · 12m ago

Intel CEO Pat Gelsinger to pitch board on plans to shed assets, cut costs

Intel CEO Pat Gelsinger is set to present a plan to the company's board of directors for restructuring and cost-cutting measures. The plan includes selling off unnecessary businesses such as its programmable chip unit Altera, in order to reduce costs and revive the struggling chipmaker's fortunes. The proposal does not currently include plans to sell off Intel's contract manufacturing operation. The company is also considering pausing or halting its $32 billion factory project in Germany. Intel has hired Morgan Stanley and Goldman Sachs to advise on potential sales. The board meeting in mid-September will play a crucial role in determining Intel's future direction.

Intel exploring division split, M&A to cope with historic slump

Economic Times

Economic Times · 12m ago

Intel exploring division split, M&A to cope with historic slump

Intel Corp is reportedly considering various scenarios, with the assistance of investment bankers, including a potential split of its design and manufacturing businesses. The discussions come as the company faces a challenging period and explores options to revive its fortunes. Investment banks Morgan Stanley and Goldman Sachs are said to be advising Intel on potential strategies, which may also involve M&A activities. While no major moves are imminent, the options are expected to be presented during a board meeting in September. Intel CEO Pat Gelsinger has previously viewed the company's foundry division as crucial to its comeback, but a separation or sale of this unit is now being considered.

Two friends, a mega deal and insider trading. Here’s how Sebi uncovered a crime

Livemint

Livemint · 6m ago

Two friends, a mega deal and insider trading. Here’s how Sebi uncovered a crime

In July 2020, Infosys secured a $1.89 billion contract from Vanguard, prompting insider trading investigations by SEBI. Two former Wipro employees, Keyur Maniar and Ramit Chaudhri, were found guilty of using non-public information post-deal announcement to profit. SEBI fined Maniar ₹2.6 crore plus interest and banned both from securities trading for a year. The case underscores the prevalence of insider trading in IT, prompting calls for tougher corporate penalties and better internal controls.

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