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  1. Wipro pares early gains; down over 1% post March quarter earnings

Wipro pares early gains; down over 1% post March quarter earnings

Shares of Wipro today surrendered their early gains and fell over 1 per cent after the company offered a muted outlook while announcing its March quarter earnings.

By: | New Delhi | Published: April 26, 2017 1:46 PM
The stock had opened on a positive note and gained nearly 4 per cent, but later fell over 1 per cent to Rs 489.40 on BSE during afternoon trade. (Reuters)

Shares of Wipro today surrendered their early gains and fell over 1 per cent after the company offered a muted outlook while announcing its March quarter earnings. The stock had opened on a positive note and gained nearly 4 per cent, but later fell over 1 per cent to Rs 489.40 on BSE during afternoon trade.

At NSE, shares of the company slipped 1.15 per cent to Rs 488.60. Wipro yesterday registered a marginal rise in net profit for the March quarter and offered a muted outlook, but sought to cheer investors by announcing a bonus issue and a likely share buyback.

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India’s third-largest software services firm said it will issue bonus shares within the next two months, a move aimed at encouraging participation of small investors, enhancing liquidity and expanding retail shareholder base. However, market watchers were disappointed with the outlook of a flat sequential growth for the June quarter.

Wipro registered a negligible rise in the consolidated profit at Rs 2,267 crore for the fourth quarter ended March 2017. The total income rose over 5 per cent to Rs 15,033.8 crore in the said quarter, compared to the year-ago period.

The IT firm attributed the muted guidance to softness in healthcare and retail business. Wipro expects revenues from its IT services — its mainstay — to be in the range of $1,915-1,955 million for the April-June 2017 quarter.

This is almost similar to March quarter IT services revenue that stood at $1,954.6 million. The dollar revenue was 3.9 per cent higher than the year-ago period.

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