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However, the IPO will be subject to market conditions, applicable approvals, regulatory clearances (including observations from the Securities and Exchange Board of India) and certain other considerations.

Post the announcement, the stock traded with a cut of 4% at around 3:12 pm at Rs 125.35 apiece on the NSE.

Tata Technologies, led by CEO Warren Harris, reported 47% growth in revenue to Rs 3,530 crore for 2021-22 (April-March), and a strong 74% increase in profit after tax to Rs 437 crore

In the event of non-payment, it will recover the amount by attaching and selling the movable and immovable properties of the firm.

A sustainable up move only above the hurdle of 18,650 levels could confirm an uptrend continuation pattern. Immediate support is placed at 18,350 levels, said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

A total of 50,688 shares changed hands on the counter till 01:45PM (IST).

"So in our medium-term business plan we are aspiring to grow 2.5 times, and that growth will not come without products, so technology is going to be one of the key focuses. So we are going to create a global research and development center, and we have also given our aspiration of setting up a Greenfield project."

The rupee depreciated 6.9 per cent in the same period, she said, adding, it has performed better than most Asian peer currencies, including the Chinese Renminbi (10.6 per cent), Indonesian Rupiah (8.7 per cent), Philippine Peso (8.5 per cent), South Korean Won (8.1 per cent), Taiwanese Dollar (7.3 per cent) etc.

Wipro is best placed in terms of resilience (least exposure to stressed verticals), expectations (pessimism built in given highest cuts to FY24E USD revenue growth) and valuation comfort (lowest premium to past 5-year median), the brokerage firm said.

The BSE Sensex was trading 438 points or 0.70% lower at 61,744. Nifty50 was trading at 18,378, down 118 points or 0.64% at around 9.18 am