Wipro rallies 3 per cent in morning trade on bourses

Reacting to the numbers, shares of the company opened on a bullish note and surged by 3.21 per cent to touch an early high of Rs 384.80, on the BSE.

Similar movement was witnessed on the National Stock Exchange as well, where the stock -- after opening at Rs 375 -- rallied by 2.92 per cent to see a high of Rs 385.

However, some of the initial gains were pared in later trade and the stock was being quoted 2.31 per cent higher at Rs 381.40 on the BSE and up by 2.23 per cent at Rs 382.40 on the NSE at 1024 hours.

Wipro today reported a growth of 1.24 per cent in consolidated net profit to Rs 1,300.9 crore for the quarter ended September 30, 2011. In the corresponding period last year, the company had posted a net profit of Rs 1,284.9 crore.

Net income from sales during the reporting quarter stood at Rs 9,094.5 crore, as against Rs 7,730.5 crore in Q2, FY'11, translating into a 17.64 per cent increase.

The uptrend in the stock assumes significance as the broader market was trading in the negative territory, with the 30-share index Sensex quoted at 17,720.39 points, down 81.41 points, and the wide-based Nifty at 5,325.85, down 34.85 points.