Wipro Q3 net profit up 4.76% at Rs 1,217 cr

India’s third largest IT services exporter, Wipro has declared its third quarter results of FY10. It has reported a jump of 4.76% in its consolidated net profit of Rs 1,217 crore in Q3FY10 as against Rs 1,161.7 crore, (QoQ).
IT services business added 31 new clients.
Wipro’s Chairman, Azim Premji expects IT budgets to be flat to marginally positive in 2010
Wipro Q4 Guidance
It is expected IT services revenues at USD 1161-1183 million in Q4FY10 versus USD 1126.8 million (QoQ), a growth of 3-5%.

BNP Paribas' sector/stock picks post Q3 earnings

Manishi Raychaudhuri, Managing Director and Head of Research, BNP Paribas Securities, has turned overweight on the IT sector. "TCS and Infosys are our favourite stocks in the largecap tech pack."
Axis Bank from the banking space is Raychaudhuri's top pick. He likes IRB Infra, Punj Lloyd from the capital goods space. However, he is underweight on the energy sector.
So, what are his budget expectations? Raychaudhuri sees some rollback in excise duty cuts.

Wipro Q3 net profit up 4.76% at Rs 1,217 cr

India's third largest IT services exporter, Wipro has declared its third quarter results of FY10. It has reported a jump of 4.76% in its consolidated net profit of Rs 1,217 crore in Q3FY10 as against Rs 1,161.7 crore, (QoQ).
The company's consolidated revenues increased 0.71% to Rs 6,966 crore versus Rs 6,917.2 in the previous quarter. The numbers were better-than street expectations; CNBC-TV18 was expecting net profit at Rs 1,152.1 crore and revenues at Rs 6,749.3 crore while third quarter numbers of Wipro were lower than Infosys and TCS.
In dollar terms, its revenues went up 5.8% to USD 1126.8 million, QoQ.


IT services business added 31 new clients.
Wipro's Chairman, Azim Premji expects IT budgets to be flat to marginally positive in 2010
Wipro Q4 Guidance
It is expected IT services revenues at USD 1161-1183 million in Q4FY10 versus USD 1126.8 million (QoQ), a growth of 3-5%.

Why is Jonathan Garner shifting from tech to oil stocks?

Jonathan Garner, Chief Asian and Emerging Market Equity Strategist, Morgan Stanley, says there is a high chance of the markets setting new highs in the second-half of this year because of the underlying strength in earnings growth and reasonable valuations. "We are overweight on India."
He feels the market isn't focussing on interest rate increases sufficiently.
Among sectors, Garner is bullish on oil and gas, financials, and consumer discretionary stocks. "There are interesting developments in Asia in relation to upstream production, particularly gas. We are less keen on downstream industries." He recommends investors to shift from tech stocks to upstream energy stocks.