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Thursday, July 24, 2014

India's Wipro sees strong sales growth, eyes Europe deals, (NYSE: WIT)

Wipro Ltd, India's third-biggest software services exporter, forecast strong revenue growth on the back of higher outsourcing spending by overseas clients and said it was focussing on winning more deals in Europe.Bangalore-based Wipro, which inked a 10-year deal to manage IT outsourcing for 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 Wipro's fiscal first quarter that ended on June 30 rose 1.2 percent from the previous quarter to $1.7 billion, as it added 35 new clients.Consolidated net profit for the quarter grew 29.6 percent from a year earlier to 21.03 billion rupees ($349.9 million), slightly below consensus estimates of 21.24 billion rupees.

Wipro Limited (Wipro) is a global information technology (IT), services company. Shares of WIT fell by 3.0% or $-0.37/share to $11.98. 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 249227.