Wipro Shares Rise on Acquisition of Singapore-Based Consumer Goods Company

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December 10, 2012 3:06 PM EST

Wipro Ltd (WIPR.NS), India's No.3 software services provider, gained 2.5 percent in pre-open trade after the company in a statement on Sunday said it would acquire L.D. Waxson Group, a Singapore-based consumer goods company, in an all-cash deal worth about $144 million.

Dealers also attribute gains to reports in the Economic Times newspaper that Wipro has bagged a $200-million (10.9 billion rupees) technology service contract in Europe, citing a person with direct knowledge of the negotiations.

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