Wipro, RIL shares jump as results cheer investors
Shares of IT major Wipro Ltd and petrochemicals-maker Reliance Industries Ltd (RIL) jumped on Friday after the two companies announced positive first quarter ended June 30, 2017 (Q1FY18) results on Thursday.
Shares of RIL jumped over 2% to touch Rs 1,564 per share while Wipro was trading higher by 6.7%, at Rs 287.05 per share.
The company said that its standalone net profit rose 9% at Rs 8196 crore while its gross refining margin stood at $11.9 per barrel. The company also said that its telecom arm Reliance Jio will introduce a Rs 20,000 rights issue.
The IT major's net profit for the given quarter rose 1.2%, at Rs 2083 crore -- higher than analyst estimates.
However, the news that got investors happy was about the buyback.
Wipro said that it will buyback shares worth Rs 11,000 crore.
"We expect a slight positive reaction to the revenue beat and buyback announcement, even though Q2 guidance is disappointing." UBS said in a note to clients after the results.
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