Wipro (formerly Western Indian Vegetables Product) Limited is a well-known Indian multinational corporate sector. Its headquarters are located in Bangalore and Karnataka. The company is being led by Thierry Delaporte as its CEO and Managing Director, since July 2020. Wipro’s specialties or capabilities are robotics, cyber security, cloud computing, digital transformation, and other consulting and technical services to customers across 67 countries.
There are about 2,20,000 employees serving customers across six continents. It is also a popular name in the world of online investing. The blue-chip share features a market capitalization of INR 2,54,659 Crore. The current ROE on the stock stands at 20.18%. Also, the share of Wipro Limited has provided its investors a 3-year return of 17.68%, despite the COVID-19 pandemic. The current Wipro Share Price is INR 430.00 ( As of 2 August 2022).
How Wipro Created a Village of Millionaires?
Until 1947, the Maharashtrian town of Amalner housed no IT companies. This was seen as an opportunity by Hussain Premji who went up to set the very first plan of WIPRO in the region for making laundry soap, vanaspati ghee, and cooking oil.
The company employed many people from Amalner who worked at the new plant and even received shares of the company. In 1966, Mr. Azim Premji took over the rule of the company by becoming the Chairman. During the 1970s the company went for IPO with a face value of approx 100 INR. Mr. Hussain Premji went to every villager to sell the IPO.
Soon, the company started operating outside India, and its profits started climbing. It shared its profits with its shareholders by distributing massive dividends along with bonus shares. With that Amalner village held a 3 % share of Wipro and became a millionaire through dividends from the company.
Wipro is more than a company to the people of Amalner, which none of them ever wanted to let go of. Did you know this very popular phrase, that it is said that if you invest your money buying 10 shares of Wipro on the day your child is born, it will in return be enough to pay for your child’s higher education and even marriage.
In 2019 and 2020, the company declared the launch of a 5G services suite with IBM software systems. And as a result, it became one of the largest and fastest-growing companies in the world.
Wipro started as a plant to make ghee and cooking oil in a small village in Amalner but shifted its focus on some new opportunities in the IT sector and computer Industry. And today, it is one of the leading multinationals in the IT sector. As a result, the company changed from Western India Vegetable Products Limited to Wipro Products Limited. Patience is an important thing in the case of online investing and the villagers of Amalner proved it correctly.