After opening the day in red, Share markets in India have traded on a volatile note and are presently trading below the dotted line. Sectoral indices are trading on a mixed note, with stocks in the capital goods sector and stocks in the realty sector witnessing maximum buying interest, while stocks in the banking sector are leading the losses.
The BSE Sensex is up by 14 points (up 0.1%) and the NSE Nifty is trading down by 16 points (down 0.1%). Meanwhile, the BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading up by 0.3%. The rupee is trading at 64.90 to the US$.
In news from stocks in the IT sector. Wipro share price is in focus today after the company declared is second quarter results.
Wipro Ltd, India’s third largest software firm, yesterday reported a 5.8 per cent rise in net profit for three months to September but gave a muted guidance for the third quarter earnings.
Its consolidated net profit (attributable to equity shareholders) in July-September at Rs. 21 billion, was higher than Rs. 20.7 billion, in the same period a year before, the company said in a statement.
On a sequential basis, the profit was up 5.5%.
Its total income fell by about 1.9% to Rs. 141.3 billion and the company said the healthcare segment continues to be volatile.
IT services revenue in dollar terms grew by 2.1% quarter-on-quarter to US$ 2 billion in July-September, while constant currency sequential growth was 0.3%.
Net utilisation for the quarter stood 81.8% vs 80.3% in last quarter. Attrition during the quarter stood at 15.7% vs 15.9% in Q1FY18.
It’s still early days, but the attrition rate at mid-cap IT companies seems to be holding up relatively well after the Trump onslaught. Both NIIT Tech and Mind Tree have lost less of their total workforce than industry giants like Infosys and TCS and Wipro.
