Wipro shares dip nearly 2% on Q3 guidance

Shares of Wipro fell by nearly 2 per cent today after the company warned of a tepid third quarter due to furloughs in the US and Europe.
The blue-chip stock lost 1.68 per cent to settle at Rs 568.20 on BSE. During the day, it went down by 2.18 per cent to Rs 565.25.
At NSE, shares of the company fell by 1.74 per cent to end at Rs 567.75.
The company's market valuation declined by Rs 2,392.54 crore to Rs 1,40,342.46 crore.
The IT services major posted a 7.2 per cent rise in consolidated net profit for the September quarter, but warned of a tepid third quarter due to furloughs in the US and Europe.

The firm's net profit (after tax, minority interest and share of profit of associates) stood at Rs 2,235.4 crore for the quarter ended September 30 as against Rs 2,084.8 crore in the same quarter last year.

Net sales of the country's third-largest software services firm rose by 6.3 per cent to Rs 12,566.8 crore in the reported quarter from Rs 11,816 crore in the year-ago period.
Revenue from IT services registered a quarter-on-quarter growth of 2.1 per cent at USD 1.83 billion, in line with its guidance of USD 1.82 billion to USD 1.85 billion.
However, for the October-December quarter, Wipro expects its revenues from IT services business to be in the range of USD 1.84 billion to USD 1.87 billion, impacted by the holiday season in Europe and the US and a slower ramp-up in deals closed.