Azim Premji's son may soon head BFSI segment at Wipro Technologies

Azim Premji's Son to Head Wipro Technologies

Indian IT major Wipro recently announced better than expected results. The company also expressed that the margins may remain strong for the next two quarters.

Wipro Chairman Azim Premji’s eldest son Rashid Premji may soon be heading the banking and financial services sector for the company. Wipro offers solutions to Insurance and Financial services companies and the sector accounts for 25% of Wipro’s total business.

Rishad Premji, a graduate from Wesleyan University in United States, has worked for GE before starting his career in Wipro last year. Rishad has also worked in a consultancy firm Bain & Co. after finishing his management degree from Harvard.

Mr. Suresh Vaswani, Head of IT Practices at Wipro Technologies said in a recent statement that the company is adding new clients and margins are strong. The company has signed new deals at a margin higher by 4-5 percent. Mr. Vaswani said that the effect of US slowdown will not cause any big difference in the profits for the coming fiscal.

Technology Stocks have been trading strong for the past two weeks in Indian Markets. Infosys Technologies announced good results and issued positive guidance. Technical Analysts believe that coming quarters may be good for frontline Technology counters.

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