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Wipro Looks to Withdraw From NIFTY

IT giant Wipro will be take out from the National Stock Exchange's standard index Nifty from April 1 as its non-IT businesses are nested off into a removed unit. "A corporal act like our de-merger of a cataloged company would mostly result in a short-term removal of the scrip from the scale as it has been happening in the past where such corporate action had been initiated.

We expect restoration of the same on completion of the corporate action, which we expect to cogitate in the next few months," Bangalore-based Wipro said in a statement. Shares of Wipro were trading at Rs 399 each in the early morn ing commerce, fallen 2.59 per cent from its former close. India Index Services and Products Ltd, an NSE-Crisil combined venture that keeps Nifty index, had on Wednesday said Wipro and Siemens would be succeeded by IndusInd Bank and state-run NMDC on the 50-share standard index with result from April 1, 2013. In November 2012, the Wipro board had authorized the de-uniting of the non-IT businesses -- Wipro Consumer Care & Lighting, Wipro Infrastructure Engineering and Medical Diagnostic Product & Services business into a privately-held organization to be called 'Wipro Enterprises Ltd'.

The company thinks the de-merger will aid in elimination, clearness in the minds of customers, aimed companies, investors and analysts. While Wipro Ltd would go along to continue a publicly listed company focusing entirely on IT, Wipro Enterprises will be an not listed company.

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