Wipro, RIL shares jump as results cheer investors

Shares of IT major Wipro Ltd and petrochemicals-maker Reliance Industries Ltd (RIL) jumped on Friday after the two companies announced positive first quarter ended June 30, 2017 (Q1FY18) results on Thursday. 

Shares of RIL jumped over 2% to touch Rs 1,564 per share while Wipro was trading higher by 6.7%, at Rs 287.05 per share. 

RIL: 

The company said that its standalone net profit rose 9% at Rs 8196 crore while its gross refining margin stood at $11.9 per barrel. The company also said that its telecom arm Reliance Jio will introduce a Rs 20,000 rights issue. 

Wipro: 

The IT major's net profit for the given quarter rose 1.2%, at Rs 2083 crore -- higher than analyst estimates. 

However, the news that got investors happy was about the buyback. 

Wipro said that it will buyback shares worth Rs 11,000 crore. 

"We expect a slight positive reaction to the revenue beat and buyback announcement, even though Q2 guidance is disappointing." UBS said in a note to clients after the results.

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