Wipro soars nearly 7% on demerger of consumer care and lighting business

Posted By: Religare
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Buoyed by the approval of demerger of consumer care and lighting business unit, shares of country's leading IT firm Wipro soared nearly 7 per cent on the Bombay Stock Exchange.

Wipro Consumer Care and Lighting (WCCLG) is a business unit of Wipro Limited operates in the FMCG segment offering a wide range of consumable commodities. The consumer care and lighting business unit has reported a growth of 11 per cent in the last 9 years.

As per the company's FY2012 annual report, WCCLG has posted total revenue of Rs 3,340 crore and profit before interest and tax at Rs 395.60 crore.

Cheering the news, shares of the company started the day on positive note and witnessed a gain of as much 6.89 per cent to trade at Rs 375.00 piece on BSE.

In a similar fashion, shares of the company were trading at Rs 358.50, up 2.24 per cent on the National Stock Exchange.

Meanwhile, the broader benchmark Sensex was quoting at 18,469.04, down 36.34 points or 0.20 per cent at 10:48 hours.

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