Wipro's Stock Soars After Impressive Profit Rise

Wipro's shares surged nearly 7% following a robust 24.4% year-on-year increase in net profit for the December quarter. The firm's market valuation rose by Rs 19,176.77 crore, fueled by improved performance in the banking and financial services. Challenges remain in APMEA and Europe.

Shares of Wipro soared nearly 7% on Monday, driven by a robust 24.4% rise in consolidated net profit for the December quarter, surpassing street expectations.

The stock closed at Rs 300.15 on the BSE, marking a 6.49% gain, with intra-day peaks reaching Rs 305.35. On the NSE, shares rose 6.57% to Rs 300.50. Trading volumes were significant, with 24.40 lakh shares on the BSE and 393.80 lakh on the NSE.

Despite better-than-expected profits, Wipro noted regional challenges, particularly in APMEA and Europe. Revenue edged up 0.5% to Rs 22,319 crore, bolstered by strength in banking and financial services. For the March quarter, revenue guidance suggests a 1% potential decline to minor growth.

(With inputs from agencies.)