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Last Updated: Friday, 15 October, 2004, 10:53 GMT 11:53 UK
India's Wipro sees profits surge
Wipro chairman and owner Azim Premji (left) listens to vice-chairman Vivek Paul
India's tech firms are giving investors a lot to talk about
Wipro, India's number-three software exporter, has reported a 65% jump in profits, driven by European demand and a rise in outsourcing by telecom firms.

Profits totalled 3.8bn rupees ($46m) in the second quarter from 2.3bn a year earlier, higher than market estimates.

Wipro and its rivals offer services, such as call centres, to foreign firms.

The issue of shipping jobs overseas is a heated electoral issue in the US and demand for outsourcing should increase after the elections, Wipro said.

Wipro has done work for more than half of the companies on the Fortune 500 list and its annual sales top the $1bn mark.

During the second quarter, revenues climbed 45% to 19.8bn rupees.

Analysts said that Wipro's figures, coupled with those of its rivals Infosys and TCS, boded well for the Indian high-tech sector.

Shares of Wipro, which is majority owned by India's richest man Azim Premji, touched a three-year high, before falling back to trade at 650.55 rupees.

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