Wipro shares rally nearly 7 percent on dollar revenue guidance

MUMBAI (Reuters) - Wipro shares ended up 6.8 percent on Monday, after the software services exporter issued dollar revenue guidance that was above estimates.

Wipro said on Friday it expects revenue from IT services business for the current quarter that ends September 30 to range between $1.62 billion and $1.65 billion, a sequential increase of 2 percent to 3.9 percent.

Most analysts were expecting the company to say sales in the current quarter would rise 1-3 percent. Wipro does not give an annual forecast.

"This is the strongest guidance from the company in recent history," UBS said in a note after the results, reiterating its "buy" rating on Wipro.

 

(Reporting by Himank Sharma)