Advertisement

HindustanTimes Tue,02 Sep 2014

Wipro shares fall as revenue growth lags behind other IT majors

Reuters   October 23, 2013
First Published: 10:23 IST(23/10/2013) | Last Updated: 10:26 IST(23/10/2013)

Shares of India's Wipro Ltd fall as much as 5.5% after its July-September revenue in dollar terms grew 2.7% sequentially, lagging behind other major IT services exporters, dealers say.

On the other hand, HCL Technologies Ltd's dollar revenue grew 3.6 % in July-September from April-June, while it was 3.8% at Infosys Ltd, and 6% of industry leader Tata Consultancy Services Ltd.
 
Bangalore-based Wipro, India's third-largest IT services company, said on Tuesday that consolidated net profit rose an annual 28.5% in the three months ended September 30 to 19.32 billion rupees ($314.2 million).

That compares with the 18.6 billion rupee mean estimate of 29 analysts surveyed by Thomson Reuters I/B/E/S.

But Goldman Sachs maintains a "sell" rating on th`e Wipro stock.

"Wipro's 2.7% qoq growth remains slowest among large peers despite strong deal announcements in the recent past and 3Q guidance also does not suggest a strong ramp up," Goldman said in a note on Tuesday.


Advertisement
more from Business

Samsung Electronics says may acquire rest of Samsung Medison

Samsung Electronics Co Ltd said on Tuesday that it is considering acquiring the shares of unlisted medical equipment maker Samsung Medison Co Ltd that it does not currently own. It controls about 68.5% of Samsung Medison.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved