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Wipro plunges over 8% as Q2 results fail to impress Dalal Street

This article was posted on Oct 23, 2013 and is filed under Market News

NEW DELHI: Wipro Ltd slipped as much as 8.4 per cent in morning trade on Wednesday, after the IT major reported its results for the quarter ended September 30 which clearly lagged performance compared to the top tier players.

Wipro grew at its fastest pace in two years in the September quarter by posting 2.7 per cent sequential growth in dollar terms. However, even though growth in the second quarter was high by Wipro’s standards, analysts believe momentum has been slow in returning.

The Bangalore company forecasts that revenue would grow between 1.8% and 3.7% in the three months to December, a seasonally slow quarter for India’s $76 billion ( 4.7 lakh crore) technology services export sector, ET reported.

At 09:40 a.m.; Wipro recouped some of the morning losses and was trading 4.5 per cent lower at Rs 492.45. It hit a low of Rs 471.55 and a high of Rs 514.50 in trade today.

The pickup in growth has been aided to a large extent by the revival in demand for technology services in the United States. The company added 45 new clients during the quarter but the active clients decreased to 942 from 946 in1QFY2014.

For more visit: Economictimes

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