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Thursday, July 24, 2014

India's Wipro Q1 profit up 30 percent on new contract wins, (NYSE: WIT)

Wipro Ltd, India's third-biggest IT services exporter, posted a 29.6 percent rise in fiscal first-quarter profit and forecast a surge in revenue on the back of stronger spending on outsourcing by overseas clients.Bangalore-based Wipro, which inked a 10-year deal to manage IT outsourcing of Canadian energy and utilities firm Atco on Friday, said it expected IT services sales in this quarter to grow between 1.7 and 4 percent from the quarter ended June.IT services revenue in April-June rose 1.2 percent over the previous quarter to $1.7 billion."We see a significant rise in business confidence in developed markets as well as India," Wipro's billionaire Chairman Azim Premji said in a statement.

Wipro Limited (Wipro) is a global information technology (IT), services company. Shares of WIT remained unchanged at $12.35. In the past year, the shares have traded as low as $8.00 and as high as $14.26. On average, 660880 shares of WIT exchange hands on a given day and today's volume is recorded at 1400.