Wipro shares slide 6% as markets not impressed with Q1 numbers

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Wipro shares slide 6% as markets not impressed with Q1 numbers
Wipro: Quotes, News
BSE 458.70BSE Quote0.15 (0.03%)
NSE 458.10NSE Quote0.5 (0.11%)
Shares in Wipro fell as much as 6 per cent in trade, as the company's Q1 revenues failed to match expectations, after peers like Infosys and TCS reported a strong growth for the quarter ending June 30, 2014.

Total Revenues for the company were placed at Rs 111.4 billion ($1.9 billion), during the quarter an increase of 14 per cent YoY.

Azim Premji, Chairman of Wipro, said, "We see a significant rise in business confidence in developed markets as well as India. The new government at the Centre has brought about hope and confidence in the minds of all stakeholders through reform pronouncements with fiscal prudence. We expect greater economic activity including investments in India."

In terms of guidance for the quarter ending Sept 30, 2014, the company said that it expects revenues from IT Services business to be in the range of $ 1,770 million to $ 1,810 million. The guidance has assumed a USD/INR rate at 59.66.

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