Wipro dips 5% in morning trade on Q3 earnings impact

Wipro dips 5% in morning trade on Q3 earnings impact
PTI
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First Published: Wed, Jan 21 2009. 10 37 AM IST
Updated: Wed, Jan 21 2009. 10 37 AM IST
Mumbai: Software services firm Wipro on Wednesday dipped over 5% in morning trade on the Bombay Stock Exchange after the company’s third quarter earnings figures were below-the-market expectation.
The scrip of the company opened weak and then fell further to witness an intra-day low of Rs215, a dip of 5.63% from its previous closing price.
On the National Stock Exchange, the stock opened on a low note at Rs224.85, then declined further to touch an intra-day low of Rs213, a fall of 6.64% from its last close.
On the volume front, as many as 1.27 lakh shares exchanged hands on the BSE and over 5.46 lakh shares got traded on the NSE.
The company on Wednesday reported a consolidated net profit of Rs1,003.9 crore for the quarter ended 31 December 2008, while the company had a net profit of Rs854 crore in the third quarter of financial year 2007-2008.
The total income stood at Rs6,773 crore for the December quarter of the current fiscal, whereas it was at Rs5,433.2 crore a year ago.
Marketmen said one of the peer companies, Infosys’, figures were way ahead street expectations, which had raised hopes for the third largest software services exporter to post robust earnings. But Wednesday’s development dampened investor sentiment.
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First Published: Wed, Jan 21 2009. 10 37 AM IST
More Topics: Wipro | Stocks | BSE | NSE | Net profit |