Wipro bucks trend on buzz of large order win

Meanwhile, the S&P BSE Sensex was down 486.91 points, or 2.53%, to 18,758.79.

On BSE, 4.05 lakh shares were traded in the counter as against an average daily volume of 2.32 lakh shares in the past one quarter.

The stock hit a high of Rs 348.10 and a low of Rs 341.10 so far during the day. The stock had hit a 52-week high of Rs 462.85 on 5 April 2013. The stock had hit a 52-week low of Rs 315.30 on 31 May 2013.

The stock had outperformed the market over the past one month till 19 June 2013, sliding 0.28% compared with the Sensex's 5.13% fall. The scrip had, however, underperformed the market in past one quarter, sliding 20.93% as against Sensex's 1.25% rise.

The large-cap IT company has an equity capital of Rs 492.73 crore. Face value per share is Rs 2.

According to reports, Wipro has won a large technology outsourcing contract, potentially valued at close to $500 million (Rs 2900 crore) from Citigroup. The company will provide application development and maintenance, and infrastructure services for Citi's global operations. The five-year engagement requires Wipro to set up an offshore delivery centre in Bangalore, reports added.

Shares of most software companies rose today, 20 June 2013, after rupee weakened against the dollar. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

Wipro's consolidated net profit rose 1% to Rs 1728.70 crore on 0.3% growth in income from operations to Rs 9613.10 crore in Q4 March 2013 over Q3 December 2012.

Wipro provides comprehensive IT solutions and services, including systems integration, information systems outsourcing, IT enabled services, package implementation, software application development and maintenance, and research and development services to corporations globally.

Powered by Capital Market - Live News