April 17 India's Wipro Ltd posted a 29
percent rise in its fourth-quarter net profit, beating
expectations, helped by increased IT spending by its customers.
Like its rivals Infosys Ltd and Tata Consultancy
Services Ltd, Wipro is banking on a revival in demand
for IT services in the industry's biggest markets as the
economies of the United States and Europe improve.
For the quarter ended March 31, the company said it earned
22.27 billion rupees ($368.98 million) compared with 17.29
billion rupees a year earlier.
That compares with average analyst estimates of 21.06
billion rupees in net profit, according to Thomson Reuters
India's outsourcing sector generates more than 90 percent of
its sales from providing services, including setting up IT
networks and developing software applications for overseas
Shares of Bangalore-based Wipro closed at 585.85 rupees on
($1 = 60.3550 Indian Rupees)
(Reporting by Nivedita Bhattacharjee in Mumbai; Editing by