Wipro has reported weak earnings for the first quarter. India’s third biggest IT firm saw lukewarm or negative growth in key numbers and verticals. Net profit declined 3% to Rs1,335 crore. Total revenue went up 3.1% to Rs8,564 crore. And revenue from the firm’s main IT business nudged up 0.5% to $1.4 billion. Some of Wipro’s other businesses like the healthcare, transportation and retail operations declined on a quarter on quarter basis. But the manufacturing and finance businesses grew by 0.5%. Meanwhile, investors dumped shares of the firm on Wednesday, sending it down 3.95% on the BSE to 398.60 on a day the Sensex lost 0.8%.
In other news, US secretary of state Hillary Clinton has said India needs to work towards closer economic integration with both Pakistan and Afghanistan. Speaking in Chennai, she said India had to lead the way in building security and prosperity in the region. She also said the country should play a more assertive role in the Asia-Pacific region. Clinton was in Chennai a day after meeting India’s leadership in Delhi.
Indian markets tumbled on Wednesday after making gains the previous day. The fall came amid concerns that high inflation and interest rates have eaten into first quarter earnings. The Sensex declined 151 points to 18,502. And the Nifty lost 46 to 5,567.