The company made this announcement on Tuesday, 6 December 2011 when the market was closed for a public holiday.
Meanwhile, the BSE Sensex was up 135.12 points, or 0.8% to 16,940.45.
On BSE, 42,000 shares were traded in the counter as against average daily volume of 1.87 lakh shares in the past one quarter.
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The stock hit a high of Rs 399.80 and a low of Rs 388 so far during the day. The stock had hit a 52-week low of Rs 310.20 on 19 August 2011. The stock had hit a 52-week high of Rs 496.30 on 28 December 2010.
The stock had outperformed the market over the past one month till 5 December 2011, rising 5.18% compared with Sensex's 4.31% decline. The scrip had also outperformed the market over the past one quarter, surging 21.4% as against Sensex's 0.55% rise.
India's third largest IT company by sales has an equity capital of Rs 491.59 crore. Face value per share is Rs 2.
Wipro's global hydraulics unit Wipro Infrastructure Engineering signed a joint venture (JV) contract with Kawasaki Heavy Industries in India to set up a large manufacturing facility for the manufacture of hydraulic pumps for excavators. The JV will be called Wipro Kawasaki Precision Machinery and will entail an investment of Rs 50 crore, with an initial capacity of 4,000 pumps which would be augmented to 15,000 pumps by 2015, Wipro said in a statement.
Wipro said that the overall construction equipment market in India is likely to grow to $20 billion by 2020-2021. Wipro and Kawasaki intend to tap the growth potential in the Indian market with multiple mega-infrastructure projects planned by various public-private sectors, making high quality excavator pumps available at a competitive price, Wipro said in a statement. The manufacturing facility will produce hydraulic pumps for excavators catering to a range of 7 tonne to 20 tonne excavators. The plant located at Bangalore will start operation in July 2012 and will localize the production of the hydraulic pumps to large extent, Wipro further added.
Commenting on the partnership, Mr Pratik Kumar, President, Wipro Infrastructure Engineering said, "Kawasaki is an established global leader in the hydraulics industry. We are excited with this partnership which will help us to jointly bring leading edge technology products to our customers in this very promising growth market. With this partnership, we will be able to expand our product portfolio in the hydraulic segment. The localization will offer improved time to market advantage and enhanced customer service".
Commenting on the partnership, Mr Makoto Sonoda, President, Kawasaki Precision Machinery Company said, "We are very happy to partner with Wipro in this venture. India is a very important growth market for us. Wipro and Kawasaki will together bring its combined strengths to bring superior hydraulic products to our customers in this region".
Wipro Infrastructure Engineering is the world's largest independent manufacturer of hydraulic cylinders. The new manufacturing unit to be set up at Bangalore will be its eleventh manufacturing location globally, Wipro said in a statement.
Kawasaki's Precision Machinery Company, part of the $16 billion Kawasaki Heavy Industries Group, manufactures hydraulic components and equipment used in construction machinery as well as motor cycle, aircraft, rolling stock, ships, industrial robots, plants and equipment etc.
On a consolidated basis, Wipro's net profit fell 2.54% to Rs 1300.90 crore on 6.2% rise in net sales to Rs 9094.50 crore in Q2 September 2011 over Q1 June 2011.
Wipro provides comprehensive IT solutions and services including systems integration, information systems outsourcing, IT enabled services, package implementation, software application development and maintenance and research and development services to corporations globally.
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