Bengaluru-based IT software services exporter Wipro saw its shares plunge on Monday in response to its September quarter results declared last Friday after market hours. The stock fell 4.20 per cent in early to hit a low of Rs 478, but recovered later and was trading at Rs 480.75, down 3.70 per cent at around 11.40 am on the Bombay Stock Exchange (BSE).
ICICI Bank shares were up 2.52 per cent at Rs 284.70 over debt recovery from Essar Group, last Friday.
The BSE Sensex was up 40 points at 28,120, while the NSE Nifty was trading in the green at 8,699.
Top Sensex gainers were ICICI Bank, Adani Ports, State Bank of India and Tata Motors.
Wipro reported a drop in net profit for the second quarter (Q2) ended September 2016 as IT services revenue fell short of guidance. Net profit declined 7.6 per cent year-on-year (YoY) to Rs 2,070 crore in Q2 from Rs 2,241 crore, while IT revenues came at $1,916.3 million, below the guidance of $1,931-1,950 million.
The Bengaluru-based company has given revenue guidance of $1,916-1,955 million for the December quarter.
Axis Bank, which will be declaring its September (Q2) quarter results on Monday, was trading almost flat Rs 500. Adani Group companies comprising Adani Power, Adani Ports and Adani Enterprises will also be declaring their Q2 performance.
In its pre-markets note, brokerage Angel Broking had said that Indian stock markets were likely to open sideways tracking Asian equities and SGX Nifty. On Friday, the IT index closed 1 percent higher on an earnings beat by HCL Technologies and an in-line result by Wipro. Reliance Industries fell by over 2% despite posting better than expected quarterly results.
HCL Technologies posted 1.9 percent sequential growth in revenues to $1,722 million vs $1,726 million expected and vs $1,691 million in 1QFY2017, Angel Broking said. The constant currency guidance translates into 11.2-to 13.2 percentgrowth in US dollar terms.