By Sethuraman N R
BENGALURU (Reuters) – Shares of Wipro Ltd fell 6.8% on Wednesday, a day after the software services firm posted quarterly organic revenue growth that was lower than peers and disappointed some investors with its plans to revive growth.
Chief Executive Officer Thierry Delaporte, who took the helm in July, said on Tuesday Wipro would focus more on large deals and “prioritize the markets and sectors that are relevant,” without giving more details.
The commentary let down some investors who were hoping for more concrete steps from a company that has underperformed its rivals in the recent past.
“The strategic roadmap from the CEO to revive growth was not as strong as it was expected to be,” IDBI Capital research analyst Urmil Shah said.
Wipro also saw a decline in revenue from its key markets of the Americas and Europe in the second quarter as clients cut spending, but some new deals helped to keep overall revenue largely flat at 151.15 billion rupees ($2.06 billion).
“Organic growth was down 4.5% year-on-year, lower than Accenture Plc (down 3%) and Tata Consultancy Services Ltd (down 3.2%),” AMP analysts said.
Quarterly profit also fell and missed analysts’ estimates.
Wipro said it expects revenue at its IT services business to be in the range of $2.02 billion to $2.06 billion in the December quarter, lower than the $2.09 billion it earned a year earlier.
The company approved a 95 billion rupees share buyback at 400 rupees per share.
“While the quantum of buyback was largely in line with our expectations, the buyback price was a disappointment,” ICICI Securities said in a note.
Wipro shares were set for their biggest one-day percentage loss since April in a weak broader market, while rival Infosys Ltd was down 0.2% ahead of quarterly results later
It was a September full of suffering for space fans that now seems to be bleeding over into October as a long series of launch delays continues with Monday’s.
This marks the fifth time the launch has been pushed back in the past three weeks, and it comes just three days after SpaceX had to stand down once again fromon Friday. That mission has also been postponed now a total of four times in the past week.
The delays aren’t only affecting SpaceX. Ainto orbit Aug. 27 and has been delayed no less than six times since, most recently on Sept. 30.
The postponements have happened for a variety of reasons. Several have been tied to poor weather conditions near Cape Canaveral in Florida, but there have also been issues with launch pad equipment, sensors and mechanical matters that have caused scrubs.
Each delay is a schedule-wrecker not only for the companies and crew directly involved in the missions, but for a bevy of space enthusiasts, (ahem) journalists and other observers who are hankering for a blast-off. “My hobby of watching rocket launches is turning into a hobby of watching rockets sit on the pad while people say