Wipro dips 5 pc in morning trade on Q3 earnings impact | business | Hindustan Times
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Wipro dips 5 pc in morning trade on Q3 earnings impact

Software services firm Wipro today dipped over five per cent in morning trade on the Bombay Stock Exchange after the company's third quarter earnings figures were below-the-market expectation.

business Updated: Jan 21, 2009 11:04 IST

Software services firm Wipro on Wednesday dipped over five per cent in morning trade on the Bombay Stock Exchange after the company's third quarter earnings figures were below-the-market expectation.

The scrip of the company opened weak and then fell further to witness an intra-day low of Rs 215, a dip of 5.63 per cent from its previous closing price.

On the National Stock Exchange, the stock opened on a low note at Rs 224.85, then declined further to touch an intra-day low of Rs 213, a fall of 6.64 per cent from its last close.

On the volume front, as many as 1.27 lakh shares exchanged hands on the BSE and over 5.46 lakh shares got traded on the NSE.

The company today reported a consolidated net profit of Rs 1,003.9 crore for the quarter ended December 31, 2008, while the company had a net profit of Rs 854 crore in the third quarter of financial year 2007-2008.

Marketmen said "The fall in the counter was largely because of the fact that the company's third quarter earnings were below the market expectations. Besides, the bearish trend in the market also dampened investor sentiment to a certain extent."

The total income stood at Rs 6,773 crore for the December quarter of the current fiscal, whereas it was at Rs 5,433.2 crore a year ago.

Marketmen said one of the peer companies, Infosys', figures were way ahead street expectations, which had raised hopes for the third largest software services exporter to post robust earnings. But Wednesday's development dampened investor sentiment.