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Investing.com-- Shares of India’s top IT firms Infosys (NSE:INFY) and Wipro (NSE:WIPR) fell on Friday after their quarterly earnings failed to fully meet investor expectations, despite pockets of strength in both results.
Infosys shares fell 1.5% at open, even as the country’s second-largest software services exporter reported a 13% rise in net profit to 73.6 billion rupees ($838 million) for the September quarter.
Revenue climbed 9% to 444.9 billion rupees, and the company raised the lower end of its full-year revenue growth forecast to 2–3% in constant currency terms. Still, analysts said the guidance remained conservative and expressed concerns around margins.
Wipro shares declined more than 4% to 242.22 rupees at market open. The company posted a net profit of 32.5 billion rupees, up just 1.2% from a year earlier, missing some median estimates.
Quarterly revenue rose a modest 1.8%, while management guided for muted sequential growth in the current quarter.
The broader Nifty IT index also slipped over 1% on Friday, underperforming the benchmark Nifty 50, which traded largely flat in early trading.