Wipro shares fall as much as 5 percent after results
REUTERS - Shares in India's No.3 software services provider Wipro Ltd (WIPR.NS) fell as much as 5 percent, with traders saying the performance of the company's core IT services segment was not as strong as expected.
Earlier on Friday, Wipro posted an 18 percent gain in third-quarter net profit, with its IT business revenue rising 2.4 percent from the September quarter to $1.577 billion and meeting its own guidance of 1.2 to 3.5 percent.
However, IT business volumes, or the billable hours, fell 1 percent from the previous quarter, according to company data.
At 9:40 a.m., Wipro was down 4.2 percent to 417.50 rupees. Ahead of the results, the shares had risen about 9 percent so far this year.
(Reporting by Abhishek Vishnoi and Harichandan Arakali; Editing by Ryan Woo)
- Tweet this
- Share this
- Digg this
- São Paulo running out of water as rain-making Amazon vanishes
- Maker of U.S. highway guardrails stops shipments over safety concerns
- Woman isolated in NJ under Ebola rules tests negative
- Iran hangs woman convicted of killing alleged rapist
- Reuters Poll - India's growth pace to pick up as reforms draw investment
Finance Minister Arun Jaitley favours a cut in interest rates to trigger demand in the construction sector, a newspaper report said on Saturday, but the Reserve Bank of India (RBI) has signalled it will not ease policy until it is confident of lower inflation. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article
Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw” Full Article