Wipro shares up 3% on Q2 results

IT major Wipro's scrip rose over 3 per cent on Friday after the company reported 23.8 per cent jump in consolidated net profit for the second quarter ended September 30 and its move to demerge the non-IT business into a separate company.

Following the robust earnings, Wipro share gained 3.19 per cent to Rs 372.95 on the Bombay Stock Exchange.

At National Stock Exchange, the scrip moved up by 3.23 per cent to Rs 372.95.

"Results were in-line with street expectations, but the stock is moving up on the back of demerger of its non-IT businesses," CNI Research CMD Kishor Ostwal said.

The country's third largest software firm said on Thursday that it will demerge non-IT businesses like Consumer Care & Lighting into a new company, a move which will allow it to focus exclusively on information technology.