India's Wipro shares rally on dollar revenue guidance
MUMBAI (Reuters) - India's Wipro Ltd (WIPR.NS) shares surged as much as 5.9 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.
Wipro shares were up 5 percent at 0354 GMT (11:54 a.m ET), outperforming a 0.2 percent fall in the NSE index .NSEI.
(Reporting by Himank Sharma)
- U.S. war veteran released by North Korea returns home |
- South Korea to make announcement on air zone; expansion is anticipated
- Ukraine opposition seeks million-strong rally in Kiev
- Pennsylvania newlyweds "just wanted to murder someone together:" police
- Obama defends interim Iran deal, seeks to assure Israel
Nelson Mandela: 1918 - 2013
Reuters looks at the life and times of Nelson Mandela, an icon of peace and reconciliation who came to embody the struggle for justice around the world. Video