Wipro, GAIL slip 2-3% on weak quarterly numbers

Wipro and GAIL have slipped 3% and 2.5% each on weak quarterly numbers released post market hours on Thursday

Shares of two prominent largecaps Wipro and GAIL have slipped 3% and 2.5% respectively on weak quarterly numbers released post market hours on Thursday.

IT major, Wipro has slipped 3% after the company posted a decline of 3.6% in net profit on sequential basis at Rs 2,188 crore for the present quarter as against Rs 2,272 crore in the previous quarter ending March 2015 on the back of pricing pressure and heavy investments the company made into the business.

However, the quarterly results were in-line with the street estimates and the growth outlook for the September quarter looks promising. CLICK FOR FULL REPORT

State-run gas transmission company, GAIL has dipped 2.5% after the company posted a 32% decline in the net profit quoting at Rs 424 crore as against Rs 621.44 crore in the same period last year owing to a decrease in LPG and petrochemical production and drop in the production of LPG, petrochemicals after closing of Pata Petrochemical plant.

In addition, higher interest and depreciation charges after commissioning of petrochemical expansion project further hurt the profit margins. CLICK FOR FULL REPORT

Shares of Wipro opened at Rs 589 and touched a low of Rs 567 on the BSE. Meanwhile, shares of GAIL opened at Rs 358 and touched a low of Rs 357.40 on the BSE.