Wipro profit up 18 percent on strong demand

Published on NewsOK Modified: January 18, 2013 at 1:31 am •  Published: January 18, 2013

Wipro said revenue from its core information technology services business grew 4.8 percent from a year earlier to $1.58 billion. The company predicted those revenues would rise by a maximum of 3 percent this quarter, over the December quarter, weighed on by political uncertainty over the U.S. debt ceiling.

Executives said volumes slid in the December quarter from the prior quarter, but prices increased over 3 percent.

The stock was down nearly 5 percent in midday trading in Mumbai, reversing gains made earlier this week.

"The volume performance is much lower than that reported by peers," said Dipen Shah, head of private client group research at Kotak Securities. "We expect the stock to attract better valuations once volume growth starts improving."

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