Wipro lost 5.21% to Rs 570 at 9:16 IST on BSE after consolidated net profit fell 2% to Rs 2240 crore on 12% rise in gross revenue to Rs 13630 crore in Q4 March 2016 over Q4 March 2015.
The results are as per International Financial Reporting Standards (IFRS). The result was announced after market hours yesterday, 20 April 2016.Meanwhile, the S&P BSE Sensex was up 227.69 points or 0.88% at 26,071.87.
On BSE, so far 57,000 shares were traded in the counter as against average daily volume of 2.67 lakh shares in the past two weeks. The stock hit a high of Rs 578 and a low of Rs 568.50 so far during the day. The stock had hit a 52-week low of Rs 508.90 on 29 February 2016. The stock had hit a 52-week high of Rs 613 on 1 October 2015.
The large-cap company has equity capital of Rs 494.14 crore. Face value per share is Rs 2.
Revenue from IT services business rose 2.4% to $1,882 million in Q4 March 2016 over Q3 December 2015. On sequential basis, the company expects 1% to 3.02% growth in revenue from IT services business at between $1,901 million to $1,939 million in Q1 June 2016.
On an annualized basis, the employee attrition rate dropped to 14.9% in Q4 March 2016 from 16.3% in Q3 December 2015.
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Wipro's board of directors approved a proposal to buyback up to 4 crore equity shares of the company for an aggregate amount of up to Rs 2500 crore, being 1.62% of the total paid up equity share capital. The buyback will be through the tender offer route at Rs 625 per share. The promoters of the company have indicated their intention to participate in the proposed buyback.
Wipro is a leading information technology, consulting and business process services company.
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