New Delhi: Shiv Nadar’s HCL Technologies has once again beaten Azim Premji’s Wipro, this time in terms of market capitalisation. The fact that HCL Tech has had reported higher revenues than Wipro for the past couple of years is not a new thing, but it was still behind in terms of market capitalisation, reported the Business Insider. The report adds that HCL Tech has overtaken Wipro in terms of revenue, profits and market capitalisation.
HCL Tech races ahead of Wipro with a comfortable margined market cap of over 2.54 trillion INR. Wipro’s market cap stands at 2.26 trillion INR. If we check the share prices of both the IT companies, we can notice that there has been a drastic fall in both the share prices over the last one year. While HCL Tech’s share price has fallen by 20.76 per cent, that of Wipro has fallen by 35.58 per cent. This major drop in share prices can be one of the reasons behind the drop in Wipro’s market cap.
A BIT OF HISTORY
It is interesting to note that Wipro never started off as an information technology firm. Yes, you heard it right. The company was incorporated in 1945, initially christened as Western India Vegetable Products Limited, which was later abbreviated to Wipro. For the initial few decades, Wipro used to manufacture vegetable and refined oils.
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In 1977, nearly a decade after Azim Premji took over the reins of the company from his father, a tectonic shift to information technology was seen. On 7 June 1977, the name of the company was changed from Western India Vegetable Products Limited to Wipro Products Limited. In 1982, the name was changed again from Wipro Products Limited to Wipro Limited.
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HCL Enterprise, on the other hand was born in 1976. HCL Technologies, which was originally the research and development division of HCL Enterprise, emerged as a subsidiary in 1991.
