Bengaluru: Wipro Ltd shares fell 6.3 percent on Thursday, the day after the Indian IT service provider reported growth that subjected to quarterly profit while greater colleagues posted full results upbeat.
Wipro posted on Wednesday 30 percent increase in December quarter income but flat net income growth, while Infosy raised estimates of income and consulting services predicting strong demand, by saying that they expect technology expenses to continue, especially for digital services.
Wipro said it closed 11 major transactions with a total contract value of more than $ 600 million in the third quarter, but analysts at Ampbit Capital said victory “Tepide,” said the total value was largely unchanged from the previous quarter.
Wipro Wipro based in Bengaluru March quarter income from the IT service segment was in the range of $ 2,692 million to $ 2,745 million, compared with $ 2,639.7 million in the December quarter.
The company also said her pipes showed a healthy blend of large and medium offers.
“Given the strong performance by Wipro during the last few quarters, along with positive demand comments from management, the Underwhelming guide and will act as a resistance of short-term stock price performance,” said Motilal Oswal in a note.
The Indian software service sector has won more business during the Covid-19 pandemic as a company globally looking to improve their digital presence and demand IT services from cloud-computing, digital payment infrastructure to cybersecurity.
Wipro shares have declined by 9.2 percent so far this year after a surge of more than 85 percent in 2021.
Last year, each of the infosts and TC respectively obtained more than 50 percent and 31 percent respectively.