Feb 14, 2013, 09.21 AM IST | Source: Moneycontrol.com

Nifty exclusion linked to demerger process: Wipro

Software major Wipro says its demerger process has led to its exclusion from the NSE 50-share benchmark Nifty.

Moneycontrol Bureau

Software major Wipro says its demerger process has led to its exclusion from the NSE 50-share benchmark Nifty. 

"A corporate action like our demerger of a listed company would generally result in a short term withdrawal of the scrip from the index as it has been happening in the past where such corporate action had been initiated. We expect restoration of the same on completion of the corporate action, which we expect to conclude in the next few months," the company said in a press statement.

On November 1 2012, the Wipro board approved the demerger of the non-IT businesses into a separate company to be named Wipro Enterprise (WEL).

Wipro and diversified group Siemens will be dropped from the (National Stock Exchange) NSE's benchmark index Nifty from April 1 .(More details) In their place, private-sector lender IndusInd Bank and state-run NMDC would be included in the Nifty index, the statement said.

Wipro stock price

On April 17, 2014, Wipro closed at Rs 588.40, up Rs 16.50, or 2.89 percent. The 52-week high of the share was Rs 610.50 and the 52-week low was Rs 315.30.

The company's trailing 12-month (TTM) EPS was at Rs 26.16 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 22.49. The latest book value of the company is Rs 98.24 per share. At current value, the price-to-book value of the company is 5.99.

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