Wipro shares jumped over 9 per cent in early trade on Monday after the IT major reported an 11 per cent rise in net profit for the first quarter ended June 30 and said it was upbeat about demand for its outsourcing services.The country's third-largest software exporter had on Friday reported a net profit of Rs 1,623.3 crore for the April-June period, up 10.7 per cent from Rs 1,466 crore in the same period a year ago, on the back of an increase in large contracts.
The Azim Premji-led company also said it was upbeat about demand for its outsourcing services.
Wipro, which does not give annual forecasts, said it expects revenue from the IT services business to increase 2 to 3.9 per cent to $1.62-1.65 billion in the July-September quarter.
Cheering the smart quarterly numbers which were declared post market hours on Friday, shares of Wipro opened the day on a positive note, jumped over 9 per cent to Rs 417.50 on the Bombay Stock Exchange. At 1.46 pm, the scrip was trading 5.09 per cent higher at Rs 402.30.
At the same time, shares of the company were trading 5.38 per cent higher at Rs 402.50 on the National Stock Exchange.
"Wipro's Q1 result was broadly in-line with estimates," said Vivek Mahajan, Head of Research, Aditya Birla Money.
Tracking gains in the stock, Wipro's market capitalisation rose Rs 5,051 crore to Rs 99,377 crore.
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