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Wipro Net up 12.8%

India's number three tech company managed to battle the slowdown

New deals and belt-tightening has led to Wipro posting a 12.8 per cent net profit rise for the fiscal's first quarter.

Wipro is India's third-largest software services exporter after TCS and Infosys.

The company's client list includes some of Fortune 500's biggest corporates like General Motors, Nokia, Citigroup and Cisco.

Under international accounting standardards, the company's net profit jumped to Rs 10.10 billion, from a year earlier, which stood at Rs 8.95 billion -- consolidated profit was marginally higher at Rs 10.16 billion.

The company's stock was able to beat the street, even though the margin was not wide. However, the gains are high and tangible as can be seen by the fact that the Sensex, during the quarter, gained by 46.3 per cent, Wipro gained by as much as 50 per cent.

At opening, Sensex was up by 1.1 per cent and Wipro was up by 0.8 per cent.

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