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.
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.
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 USD
1,915-1,955 million for the April-June 2017 quarter.
This is almost similar to March quarter IT services
revenue that stood at USD 1,954.6 million. The dollar revenue
was 3.9 per cent higher than the year-ago period.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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