Wipro shares fall on muted Q1 earnings

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Published: July 24, 2015 11:08:46 AM

Wipro shares fell by as much as 3.9 per cent in morning trade on Friday after the company posted muted Q1 earnings.

WiproAnalysts said that Wipro will struggle to be core portfolio bet, stock not attractive in light of modest run-up in price. (PTI)

Shares of India’s third-largest software services firm Wipro fell by as much as 3.9 per cent in morning trade on Friday after the company posted a muted Q1 earnings.

Wipro shares fell as much s 3.9 per cent, heading towards biggest single-day loss since April 22.

At 10.45 am on Friday, Wipro shares were down 3.14 per cent. On NSE, stock were down 3.07 per cent.

Wipro on Thursday reported a 3.7% sequential decline in its consolidated net profit to Rs 2,187.7 crore on higher finance cost and lower other income. Revenue from IT services grew 3% quarter-on-quarter to Rs 11,577 crore and dollar revenue increased 1.1% to $1.79 billion. Consolidated revenues stood at Rs 12,238 crore, showing a year-on-year rise of 10%.

Analysts said that Wipro will struggle to be core portfolio bet, stock not attractive in light of modest run-up in price.

With Reuters inputs

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