As the quarterly result season is here once again, IT and tech companies are rallying on the stock market, with global firm Wipro being the top gainer on Monday. Wipro shares jumped 14 per cent on January 15, just two days after its Q3 results were declared.
On Monday, the first market session after the IT firm’s quarterly results were posted, Wipro recorded a spike of 14 percent in its share prices, with its overall market cap jumping up over ₹2.61 lakh crore due to the stock market surge.
Wipro posted its Q3 results on Friday, showing nearly 12 per cent decline in consolidated net profit to ₹2,694.2 crore in the December quarter amid a “cautious” demand environment and clients making conservative investments.
Wipro saw its market cap jump up by ₹18,168 crore on Monday, rising to ₹2,61,217.37 during the early trade hours. The stock touched its 52-week high on both NSE and BSE today, rallying 13.65 percent and 13.10 percent respectively.
Wipro became the biggest gainer on NSE Nifty and BSE Sensex among all the firms, with other stocks like Tech Mahindra, Infosys, HCL Technologies, and Tata Consultancy Services trailing just slightly behind.
This comes when Sensex crossed the 73,000 points mark for the first time in its history on January 15, while Nifty was recorded above 22,000 points today. The Indian stock market rallied due to the sharp rise in IT companies’ stocks.
Wipro Q3 result highlights
Wipro reported its December quarter’s earnings on Friday, January 12, reporting a 12 percent year-on-year (YoY) fall in net profit at ₹2,694 crore. Notably, this is the fourth consecutive quarter when Wipro has reported a fall of profits.
The overall revenue for the company was recorded at ₹22,205 crore, down by estimate 4.4 percent YoY. Meanwhile, the revenue growth for the last quarter has also been adjusted for the Bengaluru-based firm on Friday.
Wipro now has a guided revenue growth of -1.5 percent to 0.5 percent for the last quarter of the financial year, ending in March 2024. Further, the topline also fell by 1.4 percent sequentially for the December quarter.