Wipro shares closed 2.9% lower on muted sales forecast

MUMBAI: Wipro Ltd shares slipped over 4 per cent in trade on Tuesday after India's no. 3 software services exporter forecast subdued IT services sales for the current quarter.

Wipro finally closed 2.9 per cent lower at Rs 346. It has hit an intraday high of Rs 353 and a low of Rs 341.

Wipro said earlier consolidated net profit rose to Rs 1,580 crore ($282.55 million) for the fiscal first quarter ended June 30 from Rs 1,335 crore a year earlier, meeting forecasts.
The company forecast subdued IT services sales for the current quarter after posting an 18 per cent rise in quarterly profit that met market expectations on growth in outsourcing work.

The IT services unit, including back-office operations outsourcing, accounts for more than 75 per cent of sales at the company that also makes soaps, light bulbs and hydraulics equipment.

Wipro's IT Services Chief Executive T K Kurien is trying to boost market share amid economic uncertainty and currency volatility and attempting to close the narrow lead US-based Cognizant Technology Solutions Corp has established.

Wipro, whose chairman is billionaire Azim Premji, said it expects September-quarter IT services revenue of $1.52 billion to $1.55 billion, a rise of 0.3 to 2.3 per cent from the June quarter.

Analysts were expecting Wipro to forecast a 2-4 per cent increase.