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Share of Wipro falls up to four per cent; market valuation down too

New Delhi :Shares of Wipro ended four per cent lower after the company projected a weak outlook for the current quarter due to “a mixed demand environment”.

The stock ended at Rs 483.75, down 3.09 per cent on BSE. During the day, it slipped 4.22 per cent to Rs 478.10.
The stock was the worst performer among the 30 Sensex components. At NSE, shares of the company lost 3 per cent to close at Rs 483.95.

Led by the decline in the stock, the company’s market valuation dipped by Rs 3,754.96 crore to Rs 1,17,590.04 crore.

On the volume front, 6.77 lakh shares of the company were traded on BSE and over 34 lakh shares changed hands at NSE during the day.

Mirroring the impact of Brexit and global slowdown on Indian IT firms, the country’s third-largest software services firm said it expects its IT service revenue for October-December of 2016-17 to be in the range of USD 1,916 million and USD 1,955 million.

With IT services revenue at USD 1,916 million in the September quarter, this translates into a 0-2 per cent sequential growth.

The company also missed its own guidance of USD 1,931-1,950 million for July-September at the beginning of the quarter.

The company’s net profit (after tax, minority interest and share of profit of associates) stood at Rs 2,070.4 crore in the quarter under review, down from Rs 2,241 crore in the year-ago period.

PTI