Wipro shares surge nearly 4 pct on smart earnings

PTI Posted online: Monday, Jan 20, 2014 at 0000 hrs
Mumbai : Shares of IT major Wipro today surged nearly 4 per cent after the company posted a 27 per cent jump in net profit, in-line with market expectations, for the quarter ended December 31.

The company's stock ended 3.77 per cent higher at Rs 573.30 after earlier rising 4.57 per cent to Rs 577.75 during the day at the BSE Sensex.

On the NSE, the IT major's scrip rose by 3.85 per cent to settle at Rs 574.

"For Q3 FY14, Wipro's results were broadly in-line with our estimates, largely on all fronts," brokerage firm Angel Broking said in a report.

Wipro on Friday posted a 27 per cent jump in net profit for the quarter ended December 31, helped by strong growth in infrastructure services, client spending and improved efficiencies.

The company posted a net profit of Rs 2,010 crore in the December quarter against Rs 1,589 crore in the year-ago period.

Consolidated revenue rose by 18 per cent to Rs 11,330 crore from Rs 9,589 crore.

Wipro's IT services revenue stood at USD 1.67 billion (Rs 10,330 crore), a y-o-y rise of 6.4 per cent in dollar terms.

Meanwhile, buying was also seen at other IT counters, where TCS gained 5.53 per cent and Infosys rose by 0.59 per cent.

The BSE IT index was the biggest gainer among the 13 sectoral indices, rising 2.83 per cent to 9,661.46.