Wipro shares close flat after volatile trade

Shares of IT major Wipro on Friday closed flat following a volatile trade, a day after the company posted a 35.6 per cent jump in June 2021 quarter consolidated net profit and exuded confidence in logging double-digit revenue growth in FY22.

The stock jumped 2.30 per cent to Rs 589 -- its record high -- on the BSE in early trade. But, as the trade progressed, the stock erased its early gains and dipped 1.30 per cent to Rs 568.25. Later, it closed flat at Rs 577.65, marginally up by 0.33 per cent.

On the NSE also, after an upbeat start and a gain of 2.31 per cent in early trade to a record high of Rs 589.25, the stock later pared much of the gains and closed at Rs 577.75, a gain of 0.32 per cent.

In traded volume terms, 13.20 lakh shares were traded on the BSE and over 3.69 crore shares at the NSE during the day.

Wipro on Thursday posted a 35.6 per cent jump in June quarter consolidated net profit to Rs 3,242.6 crore, and exuded confidence in logging double-digit revenue growth in FY22 following stellar Q1 performance and robust demand environment.

The Bengaluru-based company had registered a net profit (attributable to equity holders) of Rs 2,390.4 crore in the year-ago period, as per the Indian Accounting Standards (Ind-AS). Its revenue from operations rose by 22.3 per cent year-on-year to Rs 18,252.4 crore in the reported quarter.

''We are in an acceleration mode, we have ramped up our supply chain engine and improved our talent acquisition machine and it has certainly helped.

''We have had a strong performance in bookings now for three quarters...,'' Wipro CEO and Managing Director Thierry Delaporte said during a virtual briefing.

While the company doesn't provide guidance for the full fiscal, but ''the performance of Q1 and the Q2 guidance... (makes it) clear that we are gearing up for growth that will be well ahead of double-digit growth for the full year, even excluding Capco'', he added.