Wipro down 4% as Q3 results miss street estimates

IT major Wipro today plunged over 4 per cent in early trade on the Bombay Stock Exchange after the company reported lower-than-expected numbers for the quarter ended December 31, 2010.

 
Mumbai: IT major Wipro today plunged over 4 per cent in early trade on the Bombay Stock Exchange after the company reported lower-than-expected numbers for the quarter ended December 31, 2010.
 
Wipro reported a 9.60 per cent jump in consolidated net profit at Rs 1,318.8 crore for the third quarter against Rs 1,203.2 crore in the same quarter last year.
 
"The earnings by Wipro is below-market-expectations. Investors opted for profit booking as the numbers failed to enthuse them. Moreover, all the three major software companies, including Infosys, grew in the range of 4-5 per cent," SMC Capitals Strategist and Head of Research Jagannadham Thunuguntla said.
 
Shares of Wipro fell by 4.20 per cent to an early low of Rs 457.90 on the Bombay Stock Exchange.
 
The stock suffered losses on the National Stock Exchange also, where it tanked 4.38 per cent to an early low of  Rs 456.55.
 
On the volume front, over eight lakh shares of the company were traded on the two bourses.
 
Meanwhile, the BSE 30-share barometer Sensex was trading at 19,013.69, down 32.85 points or 0.17 per cent at 0924 hrs.
 
PTI
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