Wipro zooms to decade high on robust Q3 earnings
Shares of Wipro on Wednesday jumped over 2 per cent to a 10-year high in early trade on the Bombay Stock Exchange, after the company reported 21 per cent growth in net profit, beating street estimates.business Updated: Jan 20, 2010 12:57 IST
Shares of Wipro on Wednesday jumped over 2 per cent to a 10-year high in early trade on the Bombay Stock Exchange, after the company reported 21 per cent growth in net profit, beating street estimates.
In the morning trade shares of Wipro opened strong and surged by 2.11 per cent to a 10-year high of Rs 753 per share.
Analysts said recent contracts wins and stable prices globally have improved the outlook for Indian IT firms.
The country's third largest software services exporter, behind Tata Consultancy Services and Infosys Technologies, today reported 21 per cent growth in net profit at Rs 1,217.4 crore.
The Wipro counter has gained about 13 per cent in the December quarter.
Driven by the high growth in net profit posted by the software exporters, the BSE IT index moved up by over 1 per cent in the morning trade to a high of 5,397.24 points.
IT bellwether Infosys moved up 1.27 per cent to 2,669.90 and Tech Mahindra was rose by over 2 per cent at Rs 1,141.50.
Other major IT sector gainers include HCL Technologies (0.47 per cent), TCS (0.33 per cent), Patni Computer (1.12per cent).
Meanwhile, the BSE Sensex rose by 105 points at 17,590.59 in early trade today on upbeat investor sentiment on higher December quarter earnings.