(Bloomberg) — Wipro Ltd. jumped by the 10% limit, tracking a surge in its US-listed shares on Friday, as the software exporter’s higher-than-expected revenue for the latest quarter pointed to signs of a recovery in global tech spending.
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Shares of the Bengaluru-based company rallied by the most in more than three years to 511.96 rupees in early trade in Mumbai, as the surprise revenue beat triggered rating upgrades from some brokerages.
Wipro posted a 12% year-on-year drop in net income to 26.9 billion rupees ($320 million) in the December quarter. Revenue fell 4% from a year-earlier period to 222.1 billion rupees, but was still ahead of analysts’ estimates.
JPMorgan Chase & Co. upgraded recommendations on the company’s Indian as well as US shares to neutral from underweight, while IDBI Capital Market Services Ltd. raised the stock to buy from hold.
The company’s US-listed shares closed 17% higher on Friday, their biggest single-day surge since October 2008. Earnings were released after close of trading in Mumbai.
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