<p>IT major Wipro today reported a 9.60 per cent jump in consolidated net profit at Rs 1,318.8 crore for the third quarter ended December 31, 2010, against a net profit of Rs 1,203.2 crore in the year-ago period that failed to cheer the Dalal Street, they said.<br /><br />"Wipro's third quarter results are below our expectation. Revenue growth was lower-than-expected, whereas PAT was in-line with our estimates. We expect the stock to see correction as results lack any positive surprise," brokerage firm Prabhudas Lilladher said in a report.<br /><br />Reacting to the lower-than-expected quarterly numbers, Wipro's counter witnessed selling pressure and slipped by 4.2 per cent on the Bombay Stock Exchange (BSE).<br />However, the scrip had outperformed the key index in the last two months on expectation of a good show in the October-December quarter.<br /><br />Besides, the country's third largest software firm Wipro has announced that T K Kurien will replace the current joint CEOs Girish Paranjpe and Suresh Vaswani as the CEO of its IT business.<br /><br />Analysts feel that the management rejig may also hit the stock performance in the short-term.<br /><br />"There was no surprise element in the numbers. Wipro has effected management change. We expect the stock to be range bound, post the recent run-up. We prefer Infosys and TCS in large caps," Kotak Securities Senior Vice-President (PCG Research) Dipen Shah said.<br /><br />Echoing Shah's opinion, Geojit BNP Paribas Financial Services AVP Gaurang Shah said, "The management rejig has made the investors cautious, as it is now a big responsibility for Kurien, who will alone handle the position held by two people earlier."<br /><br />Besides, Wipro's performance has been subdued in comparison to its peers Infosys and TCS, which may dampen investors' sentiments, Shah added.</p>
<p>IT major Wipro today reported a 9.60 per cent jump in consolidated net profit at Rs 1,318.8 crore for the third quarter ended December 31, 2010, against a net profit of Rs 1,203.2 crore in the year-ago period that failed to cheer the Dalal Street, they said.<br /><br />"Wipro's third quarter results are below our expectation. Revenue growth was lower-than-expected, whereas PAT was in-line with our estimates. We expect the stock to see correction as results lack any positive surprise," brokerage firm Prabhudas Lilladher said in a report.<br /><br />Reacting to the lower-than-expected quarterly numbers, Wipro's counter witnessed selling pressure and slipped by 4.2 per cent on the Bombay Stock Exchange (BSE).<br />However, the scrip had outperformed the key index in the last two months on expectation of a good show in the October-December quarter.<br /><br />Besides, the country's third largest software firm Wipro has announced that T K Kurien will replace the current joint CEOs Girish Paranjpe and Suresh Vaswani as the CEO of its IT business.<br /><br />Analysts feel that the management rejig may also hit the stock performance in the short-term.<br /><br />"There was no surprise element in the numbers. Wipro has effected management change. We expect the stock to be range bound, post the recent run-up. We prefer Infosys and TCS in large caps," Kotak Securities Senior Vice-President (PCG Research) Dipen Shah said.<br /><br />Echoing Shah's opinion, Geojit BNP Paribas Financial Services AVP Gaurang Shah said, "The management rejig has made the investors cautious, as it is now a big responsibility for Kurien, who will alone handle the position held by two people earlier."<br /><br />Besides, Wipro's performance has been subdued in comparison to its peers Infosys and TCS, which may dampen investors' sentiments, Shah added.</p>