Wipro falls nearly 1.0pc on profit-booking
Sunday, 25 July 2010
MUMBAI, July 24 (PTI): The third largest software exporter Wipro Technologies today fell nearly one per cent after rallying over four per cent in early trade following the better-than- expected first quarter numbers.
The Wipro counter closed at Rs 412.10, down 0.84 per cent on the Bombay Stock Exchange after surging 4.18 per cent to touch a 30-day high of Rs 433 after the numbers were announced.
On the National Stock Exchange, too, the stock fell off the day's high to settle at Rs 411.90, down 0.84 per cent.
"Despite the company posting good numbers, fresh buying did not happen as the stock had already seen a great run-up after TCS results. Also the stock fell in line with the broader market which lost ground towards the closing," Unicon Financial Intermediaries chief executive Gajendra Nagpal said.
SMC Global vice-president Rajesh Jain said the Wipro counter fell to profit-taking as the scrip had a good rally before the earnings.
Wipro today reported a jump of 30.5 per cent in its net profit for the April-June quarter. The company posted a net profit of Rs 13.18 billion against Rs 10.10 billion in the corresponding quarter last year.
The Wipro counter closed at Rs 412.10, down 0.84 per cent on the Bombay Stock Exchange after surging 4.18 per cent to touch a 30-day high of Rs 433 after the numbers were announced.
On the National Stock Exchange, too, the stock fell off the day's high to settle at Rs 411.90, down 0.84 per cent.
"Despite the company posting good numbers, fresh buying did not happen as the stock had already seen a great run-up after TCS results. Also the stock fell in line with the broader market which lost ground towards the closing," Unicon Financial Intermediaries chief executive Gajendra Nagpal said.
SMC Global vice-president Rajesh Jain said the Wipro counter fell to profit-taking as the scrip had a good rally before the earnings.
Wipro today reported a jump of 30.5 per cent in its net profit for the April-June quarter. The company posted a net profit of Rs 13.18 billion against Rs 10.10 billion in the corresponding quarter last year.