Wipro fell 0.9% to Rs 519.50 at 10:48 IST on BSE, with the stock reversing initial gains triggered by the company securing a 7-year deal from UK-based Xoserve.
Meanwhile, the BSE Sensex was up 48.02 points, or 0.2%, to 23,863.14
On BSE, so far 45,496 shares were traded in the counter, compared with an average volume of 1.90 lakh shares in the past one quarter.
The stock was volatile. The stock rose as much as 0.72% at the day's high of Rs 528 so far during the day. The stock fell as much as 1.31% at the day's low of Rs 517.30 so far during the day. The stock hit a 52-week high of Rs 610.50 on 26 February 2014. The stock hit a 52-week low of Rs 315.30 on 31 May 2013.
The stock had underperformed the market over the past one month till 14 May 2014, falling 7.7% compared with 5.24% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 7.06% as against Sensex's 16.93% rise.
The large-cap company has an equity capital of Rs 493.40 crore. Face value per share is Rs 2.
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Wipro announced on Wednesday, 14 May 2014 that it has won a seven-year engagement with Xoserve, an organization which is an integral part of the gas distribution and transmission market in Britain. Xoserve supports Britain's gas market through the provision of centralised information and data services for gas transporters and shippers. The company is jointly owned by the five major gas distribution Network companies and National Grid's Gas Transmission business.
The Wipro contract is part of the UK Link Programme which will involve the replacement of Xoserve's two decade old legacy UK Link suite of applications by best-in-class enterprise applications with more contemporary technologies. UK Link is a suite of highly complex information and technology systems, managed by Xoserve on behalf of the UK Gas Industry that ensure the smooth running of Britain's competitive gas market. The new platform will enable Xoserve to meet the expected demand growth generated by the roll-out of Smart Meters in the United Kingdom as well as enable Xoserve to be more responsive to changes in the gas market.
The UK Link Programme, led by Xoserve and supported by a number of business partners, will help meet a number of customer and industry wide requirements for the medium to long term. These include the ability to receive and store more meter readings; to introduce more flexibility in system enhancement and reporting and the ability for the gas market to utilise information from smart meters for the benefit of customers, Wipro said in a statement.
Wipro's consolidated net profit from continuing operations surged 41% to Rs 2230 crore on 22% growth in revenue from continuing operations to Rs 11700 crore in Q4 March 2014 over Q4 March 2013. The results are as per International Financial Reporting Standards (IFRS).
Wipro's non-GAAP adjusted net profit from continuing operations rose 42% to Rs 2230 crore in Q4 March 2014 over Q4 March 2013.
Wipro has given a forecast of between 0.3% decline to a growth of 2.02% in revenue from IT Services business at between $1.715 billion to $1.755 billion in Q1 June 2014 over Q4 March 2014.
Wipro provides comprehensive IT solutions and services, including systems integration, information systems outsourcing, IT enabled services, package implementation, software application development and maintenance, and research and development services to corporations globally.
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