Wipro shares fall over 5% after Q3 results
Mumbai: Shares of software services firm Wipro fell by over 5 percent in early trade Friday even as the company reported 18 percent rise in its consolidated net profit for the third quarter ended December 31, 2012.
The scrip tanked 5.46 percent to Rs 407.55 on the BSE. It was the biggest loser among the 30-Sensex blue-chip stocks during early trade.
At NSE, shares of the company were down 5.47 percent to Rs 407.10.
"Results were not as strong as expected by the market. The numbers are not extraordinary and that is why there is sluggishness in the stock movement," Ashika Stock Brokers Research Head Paras Bothra said.
Country's third largest software services firm Wipro today reported 18 percent rise in its consolidated net profit to Rs 1,716.4 crore for the third quarter ended December 31, 2012.
The Bangalore-based company had posted a net profit of Rs 1,456.4 crore in the year-ago period, it said in a filing to the BSE.
Consolidated total income of the IT major was up by 10 percent to Rs 10,989.1 crore for the October-December quarter in the current fiscal against Rs 9,965.1 crore in the same period of 2011-12 fiscal.
Wipro expects its revenues from IT services business to be in the range of USD 1.585 billion to USD 1.625 billion for the quarter ended March 31, 2013.