MUMBAI: Shares of Wipro gained as much as 7.8% on Monday after India’s third-largest IT services exporter on Friday reported better-than-expected growth in December-quarter net profit.

There were widespread expectations that Wipro would post weak earnings after rival Tata Consultancy Services’ December-quarter revenue from its energy vertical fell 2.3% in dollar terms.

Attractive valuations also helped Wipro shares, investors said. Wipro trades at 14.5 times of one-year forward earnings compared with 17.7 times of rivals, as per Thomson Reuters Eikon data.

Wipro was up 7% at Rs 593.85 as of 10:23 am.

Source: Times Of India