Wipro shares end nearly 1% higher post Q2 results

Wipro shares end nearly 1% higher post Q2 results
Mumbai:

Shares of Wipro today closed higher by nearly 1 per cent after the company's second quarter results met market expectations. 

After surging over 3 per cent during the day, shares of the company finally ended at Rs 364.95, up 0.98 per cent on the BSE.

At National Stock Exchange, the stock closed 0.33 per cent higher at Rs 362.45.    

"We like the company's restructuring (demerger of non-IT business) initiatives, this make Wipro a more focused IT company. Further, in-line performance and improved quarterly guidance looks positive. We believe the company is taking right steps to improve deals flow and profitability," Daljeet Singh Kohli, Head of Research, IndiaNivesh Securities Ltd said.

Wipro today posted a 23.8 per cent jump in consolidated net profit at Rs 1,610.6 crore for the second quarter of this fiscal amid the software powerhouse remaining cautiously optimistic about the future growth.

The country's third largest software exporter had earned net profit of Rs 1,300.9 crore in the same quarter of 2011-12.     

For the third quarter, the company expects the revenues from IT services business to be higher in the range of USD 1,560-1,590 million.

Wipro has announced demerger of its non-IT businesses like Consumer Care & Lighting into a new company.

According to Kotak Securities Head of Private Client Group Research Dipen Shah said: "Wipro's results and Q3 guidance were almost in-line with our estimates... Wipro has given a slightly optimistic outlook as far as decision making by client is concerned."