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Wipro, Infosys shares fall up to 6% post Q3 earnings as investors book profit

Wipro share lost up to 6.05% to Rs 431 against previous close of Rs 458.7. Infosys stock touched an intraday low of Rs 1,318.05 falling 5.02% against previous close of Rs 1,387 

twitter-logoBusinessToday.In | January 14, 2021 | Updated 16:55 IST
Wipro, Infosys shares fall up to 6% post Q3 earnings amid profit-booking

Wipro and Infosys shares fell in trade today as traders booked profit after the IT firms announced strong earnings for the quarter ended December. Wipro share lost up to 6.05% to Rs 431 against previous close of Rs 458.75. It closed 0.94% lower at Rs 454.45 on BSE.

Wipro share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The IT stock fell after 10 sessions of consecutive gains. However, the stock has gained 77.72% in one year and risen 18.32% since the beginning of this year.

Similarly, Infosys share opened with a loss of 2% today. The stock touched an intraday low of Rs 1,318.05 falling 5.02% against previous close of Rs 1,387 on BSE. Later, the stock ended 1.23% lower at Rs 1,370 on BSE.

Infosys share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. However, the share has risen 9.14% since the beginning of this year and 76.77% in one year. Both IT firms reported strong earnings for Q2. Infosys reported a 16.6 per cent growth in consolidated net profit at Rs 5,197 crore for the third quarter ended December 31, 2020, compared to Rs 4,457 crore in the same quarter last year, driven by record large deals and acquisitions.

Consolidated revenue of the company rose by 12.3 per cent to Rs 25,927 crore in Q3 FY21 as compared to Rs 23,092 crore in the December quarter of the last fiscal.

Similarly, IT major Wipro reported strong top and bottom line growth on the back of strong performance on order booking and broad-based growth across all service lines and business units. Wipro reported 20.8 per cent year-on-year (YoY) growth in its consolidated net profit at Rs 2,966.70 crore for the third quarter ended December 31, 2020, compared to Rs 2,455.80 crore in the same period last year. On the sequential basis, profit rose 20.3 per cent from Rs 2,465.60 crore in September quarter of the current fiscal.

The board of directors of the company approved an interim dividend of Re 1 per equity share of par value Rs 2 each, which will be paid on or before February 02, 2021.

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