January 21, 2019 / 4:15 AM / in 3 months

BUZZ-India's Wipro slips on soft March-quarter guidance

** Shares of software services provider Wipro Ltd fall as much as 3.2 pct to 335 rupees, their biggest intraday pct drop in a week

** Wipro’s Q3 net profit jumped 30 pct and beat analysts’ estimates, but forecast a small rise in revenue growth from IT services for the quarter to March

** Market also shrugs off a bonus share issue, in ratio of 1 to 3, announced by co

** Q4 growth guidance of 0-2 pct is soft and bakes in the challenges in India restructuring, HealthPlan Services and demand fulfillment in the U.S. due to shortage of talent despite shedding or segregating softer businesses from the tracked guidance, CLSA says in a note

** “While margin upgrades drive up our EPS by 4-6 pct, Wipro is likely to display uninspiring revenue growth” - CLSA

** CLSA retains ‘sell’ rating, citing lack of convincing growth acceleration

** Stock top pct loser on NSE index

** More than 3 mln shares change hands in the first 30 mins of trade, vs the 30-day moving avg of 4.4 mln shares

$1 = 71.2490 Indian rupees

0 : 0
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