Stock Market News

Wipro is India’s third largest software exporter. In December Wipro reported a 14.01% decline in net profit to Rs 733 crore on a 0.14% fall in sales to Rs 5397 crore. Wipro’s loss on forex derivatives was at Rs 1,575 crore as  December 2008. Wipro’s net profit grew 2.39% to Rs 1003.9 on a 1.46% increase in total income to Rs 6773 crore in  December 2008 over September 2008.Wipro’s net profit was at Rs 897.9 crore in Q3 December 2008 versus Rs 822.4 crore Q2 September 2008.

In an announcement made with the stock exchanges in the recent past, Sundaram Finance has said that a subsidiary of the company, Sundaram Business Services Ltd has signed an agreement to join hands with BNP Paribas Securities Services of France, in a bid to jointly provide top class security services in India. Sundaram BNP Paribas Security Services, the new company will start operations, by the next financial year.

Indian stock markets have witnessed a kind of fall over the past few months which was unprecedented. There are many investors who always look for the right time to buy quality stocks. It is good to wait until the market covers out completely. Stock markets all over the world are facing the downs and individual stocks have already started bottoming out. So the investors those are looking for long term investment perspective can start buying small quantities of shares. They can buy shares of  blue chip companies which are available in pretty good valuations at the moment.

Currency Derivatives launched by NSE  a few years back. It has now developed as the Forex Exchange Market Tracker which will help traders in trading in the rupee dollar forex market to keep traders updated with the price and other information. This is a welcome move from NSE and traders are likely to benefit from this move.