Wipro Declares 11 Percent Rise in Net Profit; Strong Future Guidance
IT companies are surprising the markets with positive results. Indian IT services major Wipro has announced 11 percent increase in its year-on-year net profit at Rs 3289 crore for the year ended March 31, 2008. The net profit for Q4 stood at Rs 880 compared to Rs 856 crore for the same quarter previous year.
Wipro reported net sales at Rs 5691 crore compared to Rs 5339 crore for same quarter previous year. The company management has given a positive future guidance. Recently Infosys announced favorable results and better guidance for future.
Technology stocks have been trading strong for past few sessions. Satyam Computers, HCL Technologies, Infosys Technologies, Mastek and Wipro have been among major gainers this week.
Technical Analysts were expecting weak results from US companies after recession fears. But recent results from Chipmaker Intel and Search Engine giant Google have surprised markets positively. Positive results from major Technology companies may help the stocks to remain firm in coming weeks.