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The three IT majors that have announced their earnings reported a marginal increase in wage costs as a share in revenue in the March quarter, even as employee strength saw significant losses.
Wipro's American Depository Receipts (ADRs) on January 12 surged almost 18 percent to hit a near-20-month high of $6.35 after the company reported its December quarter earnings.
HCL Technologies is on track to be the fastest-growing of India's top four IT services providers, while Wipro's lacklustre financial year has continued
Honasa Consumer, the IPO-bound parent of Mamaearth, has seen a reduction in contribution to revenue from its top 10 selling products. This and more in todays ETtech Top 5.
Shares of IT major Wipro below the Rs 400 mark today after the IT firm gave out a weak 3QFY23 revenue growth guidance during its Q2 earnings. A 9 per cent fall in the September quarter profit also dented investor sentiment. Net profit fell to Rs 2,659 crore in the September quarter compared with Rs 2,930.70 crore in the corresponding quarter last year. Subsequently, Wipro stock tumbled 6.01 per cent to Rs 383.25 against the previous close of Rs 407.75 on BSE. Wipro shares have lost 48 per cent from their 52-week high in comparison to the current market price.