Wipro witnesses a net profit of 1.23% in the first quarter of the financial year that ended on June 30, 2011, amounting to Rs 1,334.9 crore. The Wipro expected stability in its rates of profit in the 2nd and 3rd quarter of the year; in comparison to the huge gains of its competitors like TCS and HCL Technologies.

One of the major IT companies Cognizant is determined to overtake Wipro as the third largest IT service provider in India. On the contrary, even the topmost IT companies like TCS and Infosys seem to be slipping from their charts.

On the other hand, Samsung Electronics Co., electronic goods manufacturer, introduced improved Galaxy tablet, in its home market, trying to take away the popularity of Apple Inc’s iPad. The quarterly income generated by Apple was recorded at $28.57 billion, with a profit of 125%, amounting to $7.3 billion.

The Indian American Depository Receipts (ADRs) were found at a moderate place at the Wall Street index. Indian IT ADRs recorded with gains, Infosys shares increased by 1.5%, TCS gained 0.8%, Wipro was up 1.2%, and Genpact gained 0.5%. In the automobile segment the Tata Motors edged up 1.2% and in health sector Dr Reddy's added 1.4%. Investors cashed into banking shares, HDFC increased by 1.5% and ICICI Bank increased by 1.8%. Telephone service provider MTNL ADR declined by 0.5% and from the metal pack, Sterlite Industries also fell 0.6%.