MUMBAI: Wipro, India’s third-largest outsourcing firm, said quarterly net profit jumped by a surprise 24 percent on stronger demand as clients sought to pare costs in a weak global economy. Net profit for the second financial quarter to September climbed to Rs16.11bn ($301m) from Rs13.01bn a year earlier. The figure outpaced market expectations of profit of around Rs15bn. Quarterly revenue rose 17 percent year-on-year to Rs106.20bn. “IT demand is still holding out,” Wipro chairman Azim Premji said.
Brent gains
LONDON: Brent crude oil gained yesterday, snapping a four-day losing streak as US jobs data surpassed expectations, easing fears on the outlook for demand. Brent crude for December was up 56 cents to $108.73 a barrel by 1259 GMT, while US crude for December was down 18 cents at $86.91.Brent’s premium to West Texas Intermediate crude has narrowed to about $21 a barrel.
Gold at new low
LONDON: Gold slid to an eight-week low yesterday as the dollar jumped after data showing higher-than-expected US job creation. The dollar also climbed against the euro, with the euro buying $1.2857. Spot gold was at $1,695.65 at 1325 GMT, down 1.42 percent, having touched an eight-week low of $1,692.19 after the data. US gold futures for December fell $20.00 an ounce to $1,695.50.
Agencies
