Sunday 20 April 2014
News updated at 3:33 AM IST
Weather
Max: 35°C
Min : 22°C
In Bangalore
Partially cloudy

Wipro slumps over 11%; m-cap dips Rs 7,712 cr post earnings

Mumbai, Apr 22, 2013, (PTI):

Shares of IT major Wipro Ltd today slumped over 11 per cent, wiping off Rs 7,712 crore from its market cap after lower-than-expected results on revenue as well as on margin front.

After making a weak opening, shares of the company further lost 11 per cent to Rs 328 on the BSE, in an overall strong stock market.

The stock was the top loser among the 30-Sensex components in the morning trade.
At NSE, the scrip tanked 11.25 per cent to Rs 327.50.


Led by the steep loss in the share price, Wipro's market value tumbled Rs 7,712 crore to Rs 83,084 crore.

"For 4Q FY13, Wipro came out with lower-than-expected set of results on revenue as well on margin front. For Q1 FY14, the management's USD revenue guidance is also below our and street expectations as Q1 traditionally is a strong quarter for IT companies," Angel Broking said in a report.

Wipro had on Friday reported 16.73 per cent increase in net profit to Rs 1,728.7 crore for the fourth quarter ended March 31, 2013.

The country's third largest software services firm's net profit stood at Rs 1,480.9 crore in the year-ago period.

The consolidated total income of the company rose by 13 per cent to Rs 9,613.1 crore for the January-March quarter in 2013-13 fiscal against Rs 8,506.1 crore in the same period of 2011-12 fiscal.

The company has said it expects revenues from its IT services business to be in the range of USD 1.575-1.610 billion for the first quarter (April-June) of the current fiscal.

In the broader market, the BSE benchmark Sensex was trading at 19,106.97, up 90.51 points at 1130 hrs

Go to Top

Photo Gallery
Actor-Director Farhan Akhtar along with Rahul Bose and Ronnie Lahiri during the inauguration ...

Actor-Director Farhan Akhtar along with Rahul Bose and Ronnie Lahiri during the inauguration ...

During the extended week end, large number of tourists flock to Amba vilas palace, in Mysore. DH...

During the extended week end, large number of tourists flock to Amba vilas palace, in Mysore. DH...

A farmer trying to drain out water from his wheat field with the help of a bucket after heavy...

A farmer trying to drain out water from his wheat field with the help of a bucket after heavy...

Rickshaw pullers try to keep their balance as they ride past a dust storm in Agartala, Saturday...

Rickshaw pullers try to keep their balance as they ride past a dust storm in Agartala, Saturday...

People drinking coconut water on a hot summer day near VV Mohall, in Mysore. DH photo

People drinking coconut water on a hot summer day near VV Mohall, in Mysore. DH photo

Transgenders celebrate the Supreme Court's verdict recognising transgenders or eunuchs as third...

Transgenders celebrate the Supreme Court's verdict recognising transgenders or eunuchs as third...

School children paint on the body of a tram during the 'World Art day' celebrations in Kolkata on...

School children paint on the body of a tram during the 'World Art day' celebrations in Kolkata on...

Shuttler Saina Nehwal with students at a promotional event in Hyderabad on Saturday. PTI Photo

Shuttler Saina Nehwal with students at a promotional event in Hyderabad on Saturday. PTI Photo

Children participating in the drawing and patinting competition, organised by Manjushri arts and...

Children participating in the drawing and patinting competition, organised by Manjushri arts and...

Police and locals remove rubbles from a vehicle damaged after landslide on Jammu-Srinagar ...

Police and locals remove rubbles from a vehicle damaged after landslide on Jammu-Srinagar ...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523