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Strategies & Market Trends : India Stocks

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From: Julius Wong	11/2/2012 7:47:07 AM
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Wipro Profit Beats Estimates as Outsourcing Orders Climb By Ketaki Gokhale and Suresh Seshadri - Nov 2, 2012 Wipro Ltd. (WPRO), India’s third-largest software-services exporter, reported profit that beat analysts’estimates as businesses sought savings through outsourcing. Net income rose 24 percent to 16.1 billion rupees ($300 million) in the second quarter ended September, Bangalore-based Wipro said in a statement today. That exceeded the 15.5 billion-rupee median of 42 analysts’ estimates compiled by Bloomberg. Wipro joins larger rival Tata Consultancy (TCS) Services Ltd. in reporting profit that exceeded analysts’ estimates, as businesses outsource more information technology services to cut costs. The board of the company, controlled by billionaire Chairman Azim Premji, yesterday agreed to separate Wipro’s consumer care and lighting, infrastructure engineering and medical diagnostic businesses into a closely held company. “IT services got better margins and the restructuring of the business units is quite positive for the minority shareholders,” said Jigar Shah, an analyst at Kim Eng Securities Pvt. in Mumbai. “It should augur well for the stock going forward.” Shares of Wipro rose 0.9 percent to 364.60 rupees at the close of trading in Mumbai, compared with a 1 percent gain in India’s benchmark Sensitive Index. bloomberg.com

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