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Last Updated: Friday, 17 October, 2003, 10:31 GMT 11:31 UK
Wipro sees tech spend rebound
India's third-largest software services exporter, Wipro, has reported a 4.4% increase in quarterly profits - and forecast a rebound in technology spending.

The company posted a net profit of 2.3bn rupees (30m), compared to 2.20bn rupees in the same period last year.

It said it expected sales to increase by 8.6% over the next three months, as key clients such as Nortel Networks and Cisco Systems ramped up spending.

"We see customers are more willing to reach for their wallets," Wipro vice-chairman Vivek Paul said.

"Some tech companies are also seeing a rebound in investment plans and we are a beneficiary of this trend."

Wipro shares jumped as much as 5% in opening trade on the news, but came off highs to stand at 1,411.60 rupees, up 2.7%. The results were in line with expectations.




SEE ALSO:
Indian tech boom 'under threat'
11 Mar 03  |  Business
Indian IT export boom 'may slow'
06 Mar 03  |  Business
Wipro seals first foreign takeover
12 Nov 02  |  Business
Wipro profits inch higher
18 Oct 02  |  Business


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