The Mint Report for 27 April 2011

The Mint Report for 27 April 2011

Wipro has reported robust earnings for the fourth quarter. Profits of India’s third biggest IT company rose 14% to Rs1,375 crore. Total revenue from all operations jumped 18% to Rs8,302 crore. But while Wipro posted healthy results, it’s guidance for current quarter is modest. The projection for revenue growth quarter-on-quarter is between –0.4 and1.5%. Chairman Azim Premji said the ongoing reorganization of Wipro’s IT business would make the company leaner and more agile. He added that demand would continue to be stable.

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Wipro reports it added 68 new customers in the quarter to March, along with 2,894 new employees at its IT business. Shares of the firm tumbled 2.86% on the BSE to 450.75.

Indian markets started Wednesday with gains only to tumble soon after. The Sensex lost 97 points to 19,449. And the Nifty fell 35 to five thousand, 834.