Wipro drops 4% after Q3 results on profit booking

Stocks

oi-Sneha

By Sneha B K

Published: Friday, January 18, 2013, 9:45 [IST]

Shares of the Wipro Ltd dropped 4% on profit booking after the company reported better than expected results for the Q3 FY 2013.

The company reported increase in profit by 18 per cent to Rs 1,716.4 crores, while revenue has rose 10 per cent to Rs 10,989.1 crore.

But revenue guidance for the March quarter was subdued, which prompted investors to book profits.

Azim Premji, Chairman of Wipro, commenting on the results said, "While the overall mood on economic growth continues to be muted, global corporations continue to leverage technology to drive revenues and productivity."

IT index was also seen trading lower by 0.38%. The shares of the company were seen trading lower by Rs 414 lower by Rs 16.60 or 3.85% on BSE at 9.40 am IST.

GoodReturns.in