Wipro catapults over 7 percent on Capgemini bid reports

By SiliconIndia   |   Wednesday, 26 December 2007, 08:00 Hrs
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Mumbai: The Shares of Wipro went up on Monday on reports that India's software exporter is expected to bid for Capgemini by January end, in a deal valuing the French firm around $7 billion.

Wipro's bid for Europe's largest computer consultancy firm could be close to 48 euros per share, media reports said.

At 11:49 am, the company's shares were up 7.5 percent at Rs 528.75. Volume traded was 2,96,968 shares, against two week average of 1,49,745.

There has been speculation for several months about a possible bid by Wipro as well larger rival Infosys Technologies for the French firm. Capgemini said in July it was not planning to sell its IT consulting arm and that it had not been in contact with Infosys.

Indian software firms are looking for overseas acquisitions, especially in Europe, to help offset a weaker dollar and to service clients outside their English-speaking core market.

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