Wipro surges after strong Dec-quarter earnings

MUMBAI (Reuters) - Shares of Wipro Ltd gained as much as 7.8 percent on Monday after India’s third-largest IT services exporter on Friday reported better-than-expected growth in December-quarter net profit.

There were widespread expectations that Wipro would post weak earnings after rival Tata Consultancy Services’ December-quarter revenue from its energy vertical fell 2.3 percent in dollar terms.

Attractive valuations also helped Wipro shares, investors said. Wipro trades at 14.5 times of one-year forward earnings compared with 17.7 times of rivals, as per Thomson Reuters Eikon data.

Wipro was up 7 percent at 593.85 rupees as of 10:23 a.m.

(Reporting by Abhishek Vishnoi; Editing by Subhranshu Sahu)

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