Wipro hits a new high

Wipro is today amongst the top gainers on the BSE; going on to hit a new high at Rs.291. Volumes are also pretty robust, going up over 3 times in this morning session alone.

Wipro did report a 8% sequential drop in net profit at Rs.2077 crore but this was much below expectations – ditto for revenue where IT services revenue in constant currency rose 0.3% (QoQ) to $1.97 billion, which is marginally higher than company’s own estimate of $1.91-1.95 billion. 

But more than the numbers, the market is also happy with the company’s announcement to buyback 343.75 million shares at Rs 320 each, leading to a total of Rs.11,000 crore.

In terms of guidance for Q2FY18, Wipro has lowered it  - it expects revenue from IT services business to be in the range of $1962-2001 and dollar revenue growth in the range of -0.5-1.5%.