Wipro shares rally on dollar revenue guidance

MUMBAI (Reuters) - Wipro shares surged as much as 9.4 percent on Monday, after the software services exporter issued dollar revenue guidance that was above estimates.

Wipro shares were up 5.3 percent at 1:33 p.m., outperforming a 0.6 percent fall in the Nifty.

Wipro said on Friday it expects revenue from IT services business for the current quarter that ends September 30 to range between $1.62 billion and $1.65 billion, a sequential increase of 2 percent to 3.9 percent.

Most analysts were expecting the company to say sales in the current quarter would rise 1-3 percent. Wipro does not give an annual forecast.

 

"This is the strongest guidance from the company in recent history," UBS said in a note after the results, reiterating its "buy" rating on Wipro.

(Reporting by Himank Sharma)