Wipro Ltd (WIT:NYSE)

Target Corp. on November 4, 2009 denied a report in The Economic Times which stated that, Target is in talks with Indian software companies to sell its captive business process outsourcing unit. Gregg Steinhafel, Target's Chairman, President and Chief Executive said, “We remain firmly committed to this Target team... Recent rumors about a sale are ridiculous speculation.” Target said that the company has no plans to sell the operation. The Economic Times reported that Tata Consultancy Services Ltd. and Wipro Ltd. were in discussions with Target for buying the unit.

Tata Consultancy Services Limited (TCS), Wipro Ltd. and many other companies are interested in acquiring the captive technology centre of Target Corp., in what could be a deal bundled with a long-term outsourcing contract worth $300 million - 400 million. "We have been in discussions with them for the past few months and the dialogue is still open," a senior executive at one of the firms exploring this deal told Economic Times (ET) on conditions of anonymity. "There is no conclusion yet about how this transaction can be structured, and it's very early days," he added. Both TCS and Wipro count Target as one of their top retail customers. "Target's India centre could be doing at least $100 million worth of projects (revenues) every year," another person familiar with the Target’s Indian operations told ET on conditions of anonymity. Officials at Target did not reply to an email query sent by ET. TCS, Infosys and Wipro also refused to comment.

Wipro Ltd. reported consolidated unaudited earnings results for the second quarter and six months ended September 30, 2009. For the quarter, revenues were INR 69.18 billion representing an increase of 6% over the same period last year. Results from operating activities were INR 13,189 million against INR 10,946 million a year ago. Profit before tax was INR million against INR 11,285 million a year ago. Profit for the period was INR 11,765 million against INR 9,726 million a year ago. Profit attributable to equity holders of the company was INR 11,707 million against INR 9,704 million a year ago. Profit for the period was INR 11,765 million or INR 7.97 per diluted share against INR 9,726 million or INR 6.63 per diluted share a year ago. Adjusted non GAAP profit was INR 11,635 million against INR 9,730 million a year ago. For the six months, gross revenues were INR 132,805 million against INR 125,718 million a year ago. Results from operating activities were INR 24,612 million against INR 20,925 million a year ago. Profit before tax was INR 25,874 million against INR 21,687 million a year ago. Profit for the period was INR 21,917 million against INR 18,685 million a year ago. Profit attributable to equity holders of the company was INR 21,810 million against INR 18,651 million a year ago. Profit for the period was INR 21,917 million or INR 14.86 per diluted share against INR 18,685 million or INR 12.75 per diluted share a year ago. Adjusted non GAAP profit was INR 21,680 million against INR 18,841 million a year ago.