Wipro shares rise 5% despite profit decline and fewer deals
Business
Wipro's U.S.-listed shares shot up 5% to a nearly two-month high, despite the company reporting lower profits and fewer new deals this quarter.
Analysts think investors are warming up to software stocks again, even as concerns about the AI-driven sell-off in the sector persisted.
Wipro net profit down to ₹3,200cr
Wipro's net profit slipped 4.6% last quarter to ₹3,200 crore, while revenue crept up just 1.1%.
Deal bookings also dropped sharply compared with last year.
Still, CEO Srinivas Pallia sounds upbeat about new deals possibly closing soon and says Pallia was "very, very bullish" about Q3 bookings, even as the tech industry keeps changing fast.