GOOD READS

Premji trust stake in Wipro up

Bangalore, Feb. 22 (PTI): Giving more to philanthropy, Azim Premji today announced the transfer of 295.5 million Wipro shares worth Rs 12,300 crore held by certain entities controlled by him to a trust.

The trust will utilise the endowment to fund various social, non-profit initiatives of the Azim Premji Foundation. The activities are expected to be scaled up significantly over the next few years, the statement said.

With this transfer, the trust's shareholding in Wipro will go up to about 19.93 per cent.

The 295.5 million shares of Wipro represent around a 12 per cent stake. Azim Premji is also chairman of the Azim Premji Foundation.

On February 19, Premji had announced he would commit more of his wealth to philanthropy as his foundation scaled up work to improve the quality of the primary education system in the country.

The business tycoon had donated 8.7 per cent of the total stock of Wipro from his personal stockholding for philanthropic purposes in 2010. This had formed the endowment for the foundation.

In a letter for the international "Giving Pledge", group, he said the foundation had 800 people spread across the country, most of whom were working for the betterment of some of the most deprived regions of the country.

The foundation is a not-for-profit organisation set up in 2001 with an overarching goal to create and sustain initiatives to contribute to a just, equitable, humane and sustainable society, it said.

Quiz: How well do you know India's economy?

Question 1

Which of these products is India the world's largest producer of?

Poll Choice Options
  • Wheat
  • Rice
  • Milk
1
2
3
4
5
6
7
8
9
10

Latest News

  • Strides surges as Bangalore plant remains U.S. FDA compliant

    Reuters Market Eye - Strides Arcolab surges 6.3 percent after the drugmaker said on Friday its oral drug manufacturing facility in Bangalore continues to maintain compliance with the manufacturing standards of the U.S. health regulator. "U.S. FDA recently inspected this facility as part of GMP compliance audit and raised Form 483 (inspection observations) during the Dec 2013 inspection (which has now been satisfactorily closed)," Macquarie said in a note to its clients. This is a key positive …

  • French companies to continue investing around $1 bn in India

    New Delhi, April 25 (IANS) Expressing confidence in the Indian economy, French companies that are engaged in India will continue to annually invest nearly $1 billion here as they see long-term future in the country's growth potential, a top diplomat has said. "I expect the investment trend of nearly a billion dollars to continue as the French companies are here for the long-term and are setting up their base here and expanding production," French Ambassador François Richier told IANS in an …

  • `India needs over 26,000 independent directors'

    Kochi, April 25 (IANS) India needs over 26,000 independent directors and around 2,500 women directors to fill the boards of companies across the country, an official said here Friday. Lt. Gen (Retd) J.S. Ahluwalia, president of the Institute of Directors, said that despite a handful of high profile female Indian entrepreneurs, the proportion of female directors is a meagre 5.2 percent, which is even below the developing world percentage of 7.2 percent. Ahluwalia's statement comes at a time …

  • India's growth prospects dim regardless of election outcome - Reuters  …

    Prospects for a strong economic rebound in India are dim as industry remains weak, and although a business-friendly opposition party looks likely to form a new government, its ability to pass sweeping reforms is in doubt, a Reuters poll showed. An anticipated victory for the Bharatiya Janata Party's (BJP) at the conclusion next month of an ongoing election in the world's largest democracy has pushed India's stock market to a record high. Anubhuti Sahay, senior economist at Standard Chartered …

  • World shares, dollar struggle on Ukraine anxiety

    Heightened tension in Ukraine pushed world shares lower and lifted safe-haven European bonds on Friday, taking the shine off what looked set to be an earnings and M&A-driven week of gains for European and U.S. stocks. Trouble in Ukraine escalated after Ukrainian forces killed up to five pro-Russia separatists on Thursday and Russia conducted military drills near the border, raising fears it was gearing up to invade. European shares tumbled 0.5 percent in early trading as concerns also rose …

IN-DEPTH ANALYSIS & INTERVIEWS

  • Leaderspeak with Vikram Limaye

    Vikram Limaye MD & CEO, IDFC Ltd shares many firsts from his life. …

  • The Greening of the House of Tatas

    How a dedicated team converted a 90-year-old heritage structure into a benchmark for environment-friendly buildings. …

  • Appy Voting

    Mobile and online apps, seeking to inform or influence voters, have been more active than ever before in this election. …

  • In the crosshairs

    Why the future of FDI in multi-brand retail looks bleak after the polls. …

  • Deserving the honour

    How do the winners of the two new banking licences - microfinance lender Bandhan Financial Services and infra institution IDFC Ltd - measure up to the challenges of operating as full-fledged banks? …

  • A Samurai from Chandigarh

    Advertising veteran Sandeep Goyal is disarmingly frank as he recounts his years with Dentsu. …

  • Falling in line

    Global investors gear up to working with Narendra Modi despite reservations about his secular credentials. …

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    23.45-0.40-1.68%
    ASHOKLEY.BO
    16.51-0.01-0.06%
    UNITECH.BO
    130.00+9.60+7.97%
    FRL.BO
    75.80+3.50+4.84%
    HDIL.BO
    116.700.000.00%
    IDFCSL.BO
  • Price % Gainers
    Price % Gainers
    NamePriceChange% Chg
    12.50+1.99+18.93%
    BIBCL.BO
    21.50+2.95+15.90%
    CELESTIAL.BO
    31.65+3.80+13.64%
    STOREONE.BO
    263.70+33.65+14.63%
    VIVIMEDLABS.BO
    526.95+60.95+13.08%
    STRIDES.BO
  • Price % Losers
    Price % Losers
    NamePriceChange% Chg
    -10.95-100.00%
    4THGEN.BO
    -17.30-100.00%
    ALFAICA.BO
    -17.65-100.00%
    AMAL.BO
    -12.31-100.00%
    BORAX.BO
    -29.95-100.00%
    BRADYM.BO
  •  
    Recent Quotes
    Symbol Price Change % ChgChart 
    Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
    You need to enable your browser cookies to view your most recent quotes.
  • Recent Quotes News

    •  
      Sign-in to view quotes in your portfolios.