Wipro shares at record high on better-than-expected quarterly profit

BENGALURU (Reuters) – Shares of India’s Wipro Ltd surged as much as 7.6% to a record high on Thursday, a day after the IT services company logged a near 19% rise in quarterly consolidated net profit.

The company’s IT services revenue in the quarter rose to 193.80 billion rupees compared with 147.68 billion rupees a year earlier.

Wipro’s second-quarter IT service revenue growth was ahead of the top-end of the guided range, analysts at IDBI Capital wrote in a note.

“Wipro has registered healthy growth in revenues on an organic basis. The company, under the new CEO, is on the verge of a turnaround,” the note said.