Wipro top gainer, up 3% after company announces bonus issue

The stock was up 3.6% to Rs 513 on BSE in early morning trade

Wipro was up 3.6% to Rs 513 on BSE in early morning trade after the company announced issue of bonus shares in the proportion of 1:1, that is 1 bonus shares for every 1 shares held in the company as on the record date to be decided.

Meanwhile, Wipro expects Revenues from IT Services business to be in the range of $1,915 million to $1,955 million for the quarter ending June 30, 2017.

For the quarter ended March 31, 2017 (Q4FY17), the company had recorded revenue of $1,954.6 million, an increase of 2.7% sequentially and 3.9% year-on-year (YoY).

“For Q1FY2018, Wipro has guided for US$1,915-1,955 million, a quarter-on-quarter (qoq) growth of (2.0)-0% qoq band, which indicates a dim outlook for the Q1FY2018,” said Angel Broking in client note.

“We are confident that the recovery in energy & utilities and our demonstrated strength in digital will help us improve our growth trajectory during the course of the current financial year,” said Abidali Z. Neemuchwala, Chief Executive Officer and Member of the Board.

Backed by revenue contribution from the Appirio (US-based) buyout, Wipro managed to deliver in-line constant currency revenue growth of 1.7 per cent on a sequential basis for the March quarter (Q4).CLICK HERE TO READ FULL REPORT

At 09:24 am; the stock was up 2.5% at Rs 507 as compared to 0.33% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 2.69 million shares changed hands on the BSE and NSE in first 10 minutes of trade.