India's Wipro shares slump 11% on weak forecast
Shares of Wipro, India's third-largest software firm, slumped as much as 11 percent intraday Monday after it projected weak revenue growth last week owing to global uncertainty.
Shares of Wipro, India's third-largest software firm, slumped as much as 11 percent intraday Monday after it projected weak revenue growth last week owing to global uncertainty.
India's third-largest software firm Wipro on Friday said net profit in January-March rose nearly 17 percent, beating forecasts, but projected weak revenue growth due to global uncertainty.
Exports by India's flagship IT outsourcing industry are set to grow by 12 to 14 percent in the next financial year, an industry group said on Tuesday, suggesting signs of recovery.
India's biggest IT outsourcer, Tata Consultancy Services, said on Monday that net profit beat forecasts to rise 23 percent in the third quarter despite economic woes in its main markets.
Sales by India's flagship outsourcing industry are likely to grow by 11 percent this fiscal year to at least $75 billion in the face of a challenging business environment, an industry lobby group said Monday.
India's biggest software exporter TCS said Friday its quarterly net profit jumped 44 percent, beating estimates, as outsourcing orders rose despite economic troubles in the firm's major markets.
The employee turnover rate in India's notoriously job-hopping outsourcing sector has fallen sharply as a weak global economy hits the flagship industry, a study on Monday showed.
India's fourth-biggest outsourcing company, HCL Technologies, reported on Wednesday a 67 percent jump in quarterly net profit from a year earlier as client orders surged.
India's biggest outsourcing firm, TCS, on Thursday posted a 38 percent rise in quarterly profit, beating analysts' estimates, while earnings of rival Infosys disappointed investors.
India's IT outsourcing sector has nearly doubled the number of jobs it has created in the US in the last five years and now employs more than 100,000 people, an industry group said on Friday.
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