Aa expected TCS turned in a stellar performance and Infosys underperformed marginally, but it is Wipro that looks the most undercooked of all the three software behemoths. A 1.23% rise in net profit was a shocker by Wipro?s standards, especially after dynamic CEO TK Kurien took over. The excuse given is the re-organisation within the firm, but that?s not a convincing argument.

The company has also warned that its revenue growth may fall well below the industry forecasts for the first time. Top officials at the firm have admitted that it may fall short of industry growth estimates of 16-18% for this financial year. That?s disappointing, considering the financial and strategic muscle of the Azim Premji-led firm.

Surely the global economic environment continues to be unpredictable. Other firms too are suffering on account of it, with the possible exception of TCS. IT budgets of even top notch customers are not what they used to be. Most of them have pared down the budgets during these testing times. Verticals like telecom, which is one of the many money spinners for Indian software firms, have not done too well. BFSI has picked up quite a bit over the past few quarters, but other vertical are continuing to struggle.

While some of these factors have affected even Infosys,these issues seem more pronounced at Wipro. Chairman Azim Premji has put up a brave front stating that he expects revenues to gain considerably from the third quarter. But some of the brokerage houses do not share this view. CLSA in its note has said that it cannot see a dramatic rise in the second half of the year, considering that the third quarter is traditionally a weak one. And that?s a pertinent point.

Another worry is Cognizant?s continuing rise. It is all set to race past Wipro to become India?s third largest software exporter when it announces results shortly. Wipro?s Q1 IT services revenues stand at $1.408 billion and that?s less than Cognizant?s April-June quarter revenue guidance of $1.45 billion. And there?s no reason to believe that Cognizant will not meet the forecast. Cognizant, which reports on a calendar year basis , is expected to grow at around 29% to $5.92 billion in 2011. Tough times these for Wipro.

Apple takes a good bite as Nokia slips

iPHONE sales have doubled from a quarter ago, and Asia is the driver. Sales from the continent have gone up four times when compared to the same period last year. Revenue touched $28.6 billion, up 82%. Apple is weaving its magic again, and consumers are lapping it up. Overall, it sold a staggering 20.3 million iPhones during the period!

The iPhone?s popularity in Asia has been rising and China has been a major factor. This was the first quarter during which the device was sold by Verizon and the move has paid rich dividends. It does not appear that Apple wants to make cheaper phones. Samsung and HTC, two of Apple?s biggest rivals, are using Google?s Android software. ?We will only make products that we are proud of, that are the best in the world,? chief operating officer Tim Cook told analysts on a recent call.

Meanwhile, Nokia (which was once a shining star in the mobile space) posted a loss of $523 million in the second quarter. And for the very first time was overtaken by Apple?s iPhone in smartphone shipments. The Finnish firm shipped 88.5 million mobile devices in April-June, down from 111 million a year ago and 108.5 million in the previous quarter. Its smartphone volumes fell to 16.7 million units. Next Nokia move: Accelerate its cost-cutting plan.

NRN looks westward

West Bengal chief minister Mamata Banerjee may be trying to woo Infosys founder NR Narayana Murthy, but it is Gujarat that has caught his attention.

The Gujarat government has given consent for setting up an international centre of excellence to nurture youngsters into entrepreneurs, and this centre will be guided by the software thespian.

The Gujarat Entrepreneurship Venture Promotion Foundation (GEVPF) has inked a memorandum of understanding (MoU) with Gujarat Mineral Development Corporation (GMDC) to set up the centre of excellence (COE). Earlier West Bengal had expressed its interest to rope in NRN as its IT advisor. NRN is yet to take a call on it, but does not look inclined at the moment.

Gujarat has a way to attract leaders, and it showed that prowess yet again.