Wipro surges after strong Dec-quarter earnings

Reuters MUMBAI | Updated on January 24, 2018

Shares of Wipro Ltd gained 6.5 per cent on Monday after the country's third-largest IT services exporter on Friday reported better-than-expected growth in December-quarter net profit.

There were widespread expectations that Wipro would post weak earnings after rival Tata Consultancy Services' December-quarter revenue from its energy vertical fell 2.3 per cent in dollar terms.

Attractive valuations also helped Wipro shares, investors said. Wipro trades at 14.5 times of one-year forward earnings compared with 17.7 times of rivals, as per Thomson Reuters Eikon data.

Published on January 19, 2015

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