Wipro shares jump over 2 per cent in early trade; pare gains later

By: |
July 16, 2021 12:18 PM

The stock jumped 2.30 per cent to Rs 589 on the BSE in early trade. But, as the trade progressed the stock erased its early gains and was trading lower by 0.45 per cent at Rs 573.15.

Over the past 12 months, Wipro has announced significant cloud-related wins with Telefónica Germany / O2, Verifone, and E.ON in addition to METRO, one of the largest deals in Wipro’s history.Over the past 12 months, Wipro has announced significant cloud-related wins with Telefónica Germany / O2, Verifone, and E.ON in addition to METRO, one of the largest deals in Wipro’s history.

Shares of IT major Wipro on Friday gained over 2 per cent in early trade after the company posted a 35.6 per cent jump in June quarter consolidated net profit and exuded confidence in logging double-digit revenue growth in FY22. The stock jumped 2.30 per cent to Rs 589 on the BSE in early trade. But, as the trade progressed the stock erased its early gains and was trading lower by 0.45 per cent at Rs 573.15.

At the NSE also, after an upbeat start and a gain of 2.31 per cent in early trade, the stock was later trading at Rs 572.90, lower by 0.52 per cent.

Wipro on Thursday posted a 35.6 per cent jump in June quarter consolidated net profit to Rs 3,242.6 crore, and exuded confidence in logging double-digit revenue growth in FY22 following stellar Q1 performance and robust demand environment. The Bengaluru-based company had registered a net profit (attributable to equity holders) of Rs 2,390.4 crore in the year-ago period, as per Indian Accounting Standards (Ind-AS). Its revenue from operations rose by 22.3 per cent year-on-year to Rs 18,252.4 crore in the reported quarter.

“We are in an acceleration mode, we have ramped up our supply chain engine and improved our talent acquisition machine and it has certainly helped. We have had a very strong performance in bookings now for three quarters…,” Wipro CEO and Managing Director Thierry Delaporte said during a virtual briefing. While the company doesn’t provide guidance for the full fiscal, “the performance of Q1 and the Q2 guidance… (makes it) clear that we are gearing up for growth that will be well ahead of double-digit growth for the full year, even excluding Capco”, he added.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Maintain ‘buy’ on LIC Housing Finance with Rs 525 TP
2Tech Mahindra Rating: Buy – A strong performance by the firm in Q1FY22
3Maruti Suzuki Rating: Buy – A muted first quarter for the company