VALENCIA, Calif. — A CNN investigation has found that X2, the marquee thrill ride at Six Flags Magic Mountain, has been linked to more than a dozen serious injuries and hospitalizations over nearly two decades, including two deaths and multiple cases of traumatic brain injury, raising new questions about why the ride remained operational despite years of documented harm.

The park closed the roller coaster the evening of July 12, according to a Six Flags spokesperson, nearly a full day after the most recent reported injury. Park officials have not disclosed what prompted the closure, and the ride remains shut down.

Two women hospitalized in the same week

The investigation’s findings come after surgeons at a Southern California hospital treated two women within days of each other in July for severe brain hemorrhages consistent with high-speed collisions, despite neither woman having been involved in a crash or fall. Both had ridden X2, known for its rotating seats, near-vertical drops and unpredictable movements during a roughly two-minute ride that reaches speeds close to 80 miles per hour.

Three neurosurgeons who treated the two women wrote in an email reviewed by CNN that the injuries were the result of “a traumatic rapid acceleration-deceleration event experienced while on the X2 ride.”

A ride unlike any other

X2’s defining feature is its so-called fourth-dimensional design, in which riders’ seats rotate a full 360 degrees around the track independently of the train’s motion. Only two similar roller coasters exist elsewhere in the world — one in China and another in Japan, the latter of which closed temporarily last year following a fatal injury involving a park worker conducting an inspection.

Lyndia Wu, a mechanical engineering professor at the University of British Columbia who studies the effects of roller coasters on the brain, said the overall risk of traumatic brain injury from coasters is generally considered low, though much of the underlying research is dated. She said rides like X2 may warrant further scrutiny. “I personally don’t think head injury should be an expected risk from going on a roller coaster ride,” Wu said.

A pattern stretching back years

Court records reviewed by CNN show a recurring pattern of serious injuries tied to the ride dating back more than a decade. In September 2014, then-17-year-old Selena O’Neill was diagnosed with a subdural hematoma after riding X2, an injury doctors directly attributed to the coaster. Internal Six Flags records later obtained by her attorney showed at least five other riders had gone to the hospital complaining of head pain before her injury.

In February 2020, Sheila Katerelos, then 50, was hospitalized for five days and diagnosed with a traumatic brain injury and multiple subdural hematomas after riding X2, according to court records. A year later, in 2021, Lucy Alvarez, a 46-year-old phlebotomist, was diagnosed with a traumatic subdural hematoma after riding the coaster; her attorney said the injury derailed her nursing studies and left her with lasting memory loss, balance issues and chronic migraines.

A fatal injury in 2022

The pattern turned deadly in June 2022, when 22-year-old recent college graduate Christopher Hawley rode X2 with his cousin and brother. According to court records, the three hit their heads multiple times against their seats during the ride. Hawley collapsed and lost consciousness shortly after exiting, and was rushed to a nearby hospital, where surgeons found bleeding severe enough to push his brain toward one side of his skull. He died less than 10 hours later.

The medical examiner ruled his death was caused by blunt head trauma from “a park ride accident,” according to the coroner’s report. An expert hired by Hawley’s family found that Six Flags’ internal records showed at least 70 prior complaints of head and neck injuries from X2 riders in the three years before his death. Hawley’s parents sued the theme park in 2023; the case had been scheduled for trial in September but was settled this week, according to court records.

Hawley’s was the second death linked to the ride. In 2010, 28-year-old Hilda Farias died after riding X2; medical experts at the time suspected an underlying brain abnormality had ruptured due to the ride’s intensity. A lawsuit filed by her family was settled for an undisclosed amount.

Regulatory oversight questioned

Following Hawley’s death, state officials ordered Six Flags to immediately shut down X2 for inspection. The park was allowed to reopen within days, though records reviewed during a deposition of the park’s maintenance director indicate state inspectors were unaware that a wheel on one of the train cars had been replaced beforehand. Inspectors relied on safety data supplied by Six Flags showing the ride met state safety standards — standards developed by a committee that includes ride manufacturers and theme park operators.

Brian Avery, a University of Florida professor specializing in ride safety and risk management who has served as an expert witness for both riders and theme parks but has not worked on an X2 case, said repeated brain injuries linked to a single ride “constitute a clear safety signal” warranting a comprehensive review.

Two more women hospitalized this July

The most recent cases involve 40-year-old Pamela Guillen, who lost consciousness after riding X2 with her daughter on July 12 and was rushed into emergency surgery for a severe subdural hematoma and brain compression. She spent weeks recovering and said she still experiences headaches, brain fog and requires medication to prevent seizures. “I’m very lucky to be alive,” Guillen said.

Six days later, 25-year-old Naomi Greer-Wilkinson lost consciousness after riding the same coaster and underwent emergency brain surgery. Her mother, Artemis Greer, said her daughter “should have never ever in a million years even had the option to get on that ride.” Greer-Wilkinson remains in a coma more than a month later, according to her family.

Six Flags’ response

Six Flags has declined to answer detailed questions from CNN about the ride’s history, saying only that it “remains closed at this time.” In court filings, attorneys for the park have argued that posted signage warns riders of inherent risks and that the physical forces involved do not exceed what a “normal” rider can safely withstand. The California Division of Occupational Safety and Health, which oversees amusement ride operations, said an inspection into X2 remains ongoing but did not respond to questions about the ride’s injury history.

Shares of Great Eastern Shipping Company Ltd gained as much as 2.6% to their day’s high of Rs 1,350 on the BSE on Friday after the company announced its first-ever share buyback, with a total value of up to Rs 900 crore.

The company’s board has approved a proposal to buy back up to 58.82 lakh equity shares, equivalent to 4.12% of its total paid-up equity share capital. The buyback will be carried out through the open market route, with the maximum buyback price set at Rs 1,530 per share. This represents a 15.99% premium to the stock’s closing price of Rs 1,319 on Thursday.

Under the open market mechanism, Great Eastern Shipping will acquire its shares through the stock exchanges over a period of time, subject to applicable limits.

If the company buys back the maximum number of shares at the maximum price, it will repurchase up to 58.82 lakh shares. The proposed buyback accounts for less than 25% of the company’s existing paid-up equity capital.

According to the company’s latest shareholding data, promoters and the promoter group own a 30.07% stake. Foreign investors, including FPIs, FIIs, NRIs, foreign banks and overseas corporate bodies, hold a 29.83% stake.

Mutual funds, financial institutions, banks, AIFs, NBFCs and insurance companies together own a 12.49% stake. The remaining 27.60% is held by other shareholders, including individuals, corporates and trusts.
GE Shipping Q1 resultsThe Great Eastern Shipping Company (GE Shipping) reported more than a two-fold rise in net profit for the June quarter, supported by strong growth in its shipping business and an improvement in operating margins.

Consolidated net profit climbed to Rs 1,309 crore in the first quarter of FY27, compared with Rs 505 crore in the corresponding quarter a year earlier. Revenue from operations grew 66.9% year-on-year to Rs 2,005.4 crore from Rs 1,201.5 crore in the year-ago period.

The company also posted a stronger operating performance, with EBITDA nearly doubling to Rs 1,337.7 crore from Rs 642.8 crore. EBITDA margin widened to 66.7% from 53.5% a year earlier.

The shipping segment continued to account for the bulk of the company’s revenue. Revenue from shipping operations rose to Rs 1,890.97 crore in the June quarter from Rs 994.21 crore in the year-ago period.

Revenue from the offshore services business also increased to Rs 406.02 crore from Rs 350.41 crore in the same period last year.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

NEW YORK — As much as half of the data centers planned across the United States are at risk of delays or outright cancellation, according to investment firm Kimmeridge Energy Management Co., a warning that could dampen expectations for a natural gas demand surge tied to the artificial intelligence boom.

Ben Dell, managing partner and co-founder of Kimmeridge, said the obstacles facing data center developers go beyond simple permitting delays and reflect a deeper mismatch between the pace of Silicon Valley’s ambitions and the realities of large-scale infrastructure construction. “The sort of Silicon Valley model is running into a real-world infrastructure constraint,” Dell said in an interview Wednesday at Bloomberg News headquarters in New York.

Political backlash and physical constraints

Dell attributed the risk of delays to two main forces: growing political backlash against data center construction in communities across the country, and the sheer complexity of building large physical infrastructure projects on tight timelines. Together, those pressures are creating headwinds for a construction boom that technology companies have been counting on to support the enormous computing demands of artificial intelligence.

Public opposition to data centers has intensified in numerous communities, driven by concerns over water usage, noise, land use and rising local electricity costs. That resistance, combined with the practical challenges of securing permits, materials, labor and power connections fast enough to meet the industry’s aggressive buildout schedules, is now colliding with what had been treated as a near-certain wave of new construction.

A hit to natural gas demand forecasts

Kimmeridge holds financial stakes in natural gas producers as well as in Commonwealth LNG, a planned liquefied natural gas export terminal under development in Louisiana, giving the firm a direct financial interest in the pace of gas demand growth. Dell said that while overall U.S. gas demand is still expected to rise as new power plants come online to supply electricity for AI operations, delays to data center projects would likely force downward revisions to current demand forecasts.

U.S. natural gas producers have been counting on the AI boom to drive a meaningful increase in consumption of a fuel that has traded at relatively low domestic prices for most of the past decade, a legacy of oversupply from the fracking boom. Investor skepticism over the scale of Big Tech’s capital spending, combined with mounting public opposition to data center construction, is now creating additional headwinds for that thesis, according to Kimmeridge’s assessment.

Breaking down the numbers

Of the roughly 30 billion cubic feet per day of expected growth in U.S. natural gas demand, the majority is projected to come from liquefied natural gas exports rather than domestic data centers. Dell estimated that data centers themselves could drive somewhere between 5 billion and 10 billion cubic feet per day of additional gas consumption — but cautioned that widespread project delays could push actual AI-related demand toward the lower end of that range rather than the higher one.

A broader industry shift toward off-grid power

Kimmeridge’s warning arrives as data center developers increasingly look to bypass the traditional electric grid altogether, opting instead for so-called “behind-the-meter” power generation built directly on-site. That shift has been driven largely by multiyear delays in securing permission to connect new facilities to existing grid infrastructure, pushing technology companies toward building their own natural gas-fired power plants rather than waiting years for utility interconnection approval.

Energy research firm Enverus has projected that roughly 40% of new U.S. data center capacity additions through 2030 will be powered off-grid, a shift that would require an estimated $5 trillion in investment and add roughly 62 gigawatts of natural gas-fired generation capacity. That growth is expected to concentrate heavily in Texas, the PJM grid region covering states including Pennsylvania and Ohio, and parts of the Western United States, with off-grid natural gas demand from data centers potentially reaching 1.3 billion cubic feet per day by 2030.

Executives in the natural gas pipeline industry have echoed the rationale behind that shift. Chad Zamarin, chief executive of pipeline operator Williams Companies, said at a recent industry conference that his company is focused on directly powering data center facilities so they don’t have to wait for grid expansions that can take years to complete in the United States. Zamarin also argued that natural gas plays an essential role in supporting regions with significant renewable energy capacity, providing backup power when solar and wind output declines.

Deals already taking shape

Some of that shift toward direct, off-grid power arrangements is already visible in signed contracts. Natural gas producer Energy Transfer signed an agreement earlier this year with data center operator CloudBurst to supply 1.2 gigawatts of off-grid power for a facility outside San Marcos, Texas. Separately, asset manager Blackstone purchased a natural gas plant in Pennsylvania for more than $1 billion, a bet on continued demand growth from data center customers. Meta has also been developing a data center site spanning more than 2,000 acres in Richland Parish, Louisiana, tied to a reported $10 billion investment.

Grid strain adds urgency

The pressure on traditional grid infrastructure has already produced visible reliability concerns. In one widely cited episode in northern Virginia, a voltage fluctuation triggered the simultaneous disconnection of 60 data centers, prompting a 1,500-megawatt swing in grid conditions — an incident that underscored how concentrated data center demand can strain regional power systems even before accounting for future growth.

The Lawrence Berkeley National Laboratory has projected that data center electricity demand nationwide could grow from about 176 terawatt-hours in 2023, roughly 4.4% of total U.S. electricity consumption, to somewhere between 325 and 580 terawatt-hours by 2028, representing as much as 12% of total consumption.

What it means going forward

Kimmeridge’s assessment suggests that even as natural gas producers and pipeline operators race to build out infrastructure to meet anticipated AI-driven demand, the underlying growth in data center construction itself may prove less certain than widely assumed. With political resistance mounting in local communities and the logistical challenges of large-scale construction projects becoming more apparent, the gap between projected data center buildout and what actually gets built could shape not only the natural gas sector’s demand outlook, but the broader trajectory of the AI infrastructure race in the years ahead.

The shares of Lenskart Solutions dropped around 1.5% on Friday after 2.95 crore shares worth Rs 1,857 crore were traded in the block deal, with Alpha Wave Ventures likely being one of the sellers.

The block deal was done at Rs 630 apiece, implying around 2% discount to the stock’s previous closing price of Rs 640.6 apiece. The shares of the company dropped to Rs 630.10 apiece on BSE on Friday morning.

Alpha Wave Ventures was set to sell up to 2.1 crore shares or 1.2% stake in the company worth Rs 1,313 crore through a block deal at a floor price of Rs 630 apiece. The transaction is entirely secondary, meaning Lenskart itself is not issuing new shares and will not receive the sale proceeds.

Alpha Wave Ventures II, LP held 2.12 crore shares, representing a 1.22% stake in Lenskart Solutions as at the end of the quarter which ended on June 30, 2026. Spark Institutional Equities and Kotak Securities are handling the deal. The lock-in period is 45 days.

This comes days after SoftBank sold shares worth about Rs 2,888 crore in eyewear retailer Lenskart through a block deal on Monday. SoftBank sold 4.5 crore shares, or about a 2.6% stake in Lenskart, at Rs 641.75 apiece, exchange data showed.

Also read | Lenskart shares block deal: Alpha Wave Ventures II likely to sell 1.2% stake worth Rs 1,313 crore

Lenskart share price

This comes after a sharp spike in Lenskart shares. The stock had debuted on stock market debut in November 2025 after raising Rs 7,278 crore through a combination of a fresh issue of and an offer for sale by promoters and existing investors. The company’s shares had listed at Rs 395 per share on NSE, representing a 1.75% discount to the issue price of Rs 402. On the BSE, the shares opened at Rs 390, a 3% discount to the issue price.The shares have surged around 16% in one month, and 46% in 2026 so far. At Thursday’s closing price of Rs 639.60, Lenskart shares were about 59% above their IPO issue price.

What lies ahead for Lenskart shares?

Elara Capital believes Lenskart has built one of India’s most differentiated retail models by creating a full-stack eyewear ecosystem spanning the entire value chain. The brokerage draws a parallel with Titan Company’s jewellery business, arguing that Lenskart could steadily compound market share gains and emerge as the category-defining leader in eyewear, much as Tanishq did in jewellery.

Jefferies has maintained its Buy rating on Lenskart and raised its target price to Rs 680. The brokerage said Q1FY27 further strengthens the company’s growth and margin expansion story. Market creation remains a key priority, with supply rather than demand emerging as a constraint in India, reflected in around 70,000 daily eye tests.

Lenskart has also strengthened its presence at the lower end with a fully loaded Rs 500 product, while premiumisation is emerging as another growth driver. Jefferies believes improving margins in the international business should address a key investor concern and sees potential for Meller to become the “Ray-Ban of the future.”

Morgan Stanley has an Overweight rating and a target price of Rs 666. The brokerage said Lenskart delivered another quarter of strong performance in Q1, with the beat driven largely by the international business. Strong performance, optimistic management commentary, and higher earnings estimates support its expectation of continued stock outperformance.

Also read | From IPO mockery to Rs 1 lakh crore m-cap: Why investors are still betting on Lenskart’s vision

(With inputs from agencies)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The brand is looking to expand to 500 global locations in the next decade

Fast-growing Indian street food chain Chaiiwala has opened its second eatery in Bristol.

The new café will be based at 171 Gloucester Road and will be operated by local franchisee partners Zahid and Imran, who own the Chaiiwala Stapleton Road site and the brand’s first Welsh café in Cardiff.

The Gloucester Road branch will serve Chaiiwala’s full menu, including its signature spiced milk tea drink karak chaii, along with wraps, Bombay bowls and toasties, and more recent menu additions including the Wala Box and family platter.

Sohail Ali, co-founder of Chaiiwala, said: “Bristol has been a fantastic city for us with strong consumer engagement over recent years. This opening will enable us to deepen our roots in the city and offer more opportunities to serve flavourful Indian street food across all day parts and occasions. We look forward to welcoming Bristol customers through the doors.”

Chaiiwala was founded in Leicester in 2015 and now has 120 global outlets in 59 cities, based on high streets, at drive-thrus, in travel hubs and other high-footfall locations.

The opening of the Gloucester Road site forms part of the brand’s ambitious expansion strategy to scale to 500 locations over the next decade.

The news comes just a week after Chaiiwala announced it was expanding its partnership with Roadchef by opening a motorway services site in Wales. The Roadchef Magor site on the M4 is the Indian street food chain’s second location in Wales.

Mr Ali said: “We’re delighted to be building on our partnership with Roadchef by opening at Magor and introducing even more motorway travellers to Chaiiwala.

“Since opening our first Roadchef location, we’ve seen just how well our authentic Indian street food and handcrafted drinks resonate with customers on the move.

“Whether it’s a karak chaii and an omelette wrap before setting off or a Bombay Twister Wala wrap during a journey, we’re excited to offer drivers something a little different from the traditional motorway stop.”

CANBERRA — The Australian government confirmed Friday that at least 39 Australians remain missing following catastrophic flash floods that tore through the Nepal-Tibet border region this week, as the death toll climbed past 469 and more than 1,400 people remained unaccounted for across both countries.

Foreign Minister Penny Wong announced the updated figure in a joint statement with International Development Minister Anne Aly, alongside news that Australia is rapidly mobilizing consular and humanitarian support, including a $5 million assistance package for affected communities. “We understand at least 39 Australians are among those reported missing,” the ministers said in the statement, adding that the missing Australians were part of separate pilgrimage and tour groups traveling in the region when the disaster struck.

The floods tore through mountain villages along the Nepal-Tibet frontier on Wednesday morning local time, in what authorities believe was triggered by a massive chunk of ice breaking away from a Himalayan glacier. Satellite imagery reviewed by disaster officials showed the ice and rock tumbling into a river below, sending a wall of water and debris crashing through settlements, trekking routes and a border crossing used by pilgrims traveling between Nepal and Tibet.

The scale of the disaster has grown sharply each day since. Nepal’s disaster management agency reported Thursday that 910 people remained unaccounted for on its side of the border, including at least 517 foreign nationals, while Chinese authorities said 558 people were missing in Tibet, among them 260 foreigners. Nepal Police put the confirmed death toll on their side of the border at 389 by early Friday, an increase of 30 from the previous count, with a further 466 people reported injured. By Friday, the combined death toll across Nepal and Tibet had surpassed 469, with more than 1,400 people still missing across both countries.

The number of missing Australians has risen steadily as authorities have worked to account for travelers in the affected region. Prime Minister Anthony Albanese confirmed Thursday that 34 Australians were unaccounted for, a figure that climbed to 39 by Friday as the Department of Foreign Affairs and Trade continued to verify the whereabouts of citizens believed to have been in the area.

Wong said earlier in the week that she had personally spoken with Australia’s ambassadors to both China and Nepal to convey the government’s support for the response effort. “The government’s priority is to confirm the whereabouts and welfare of these Australians,” Wong said. “We are currently deploying further DFAT personnel, including crisis response experts, to the region.”

A DFAT spokesperson said the department was working closely with local authorities and tour operators to establish the status of Australians believed to be in the affected area. “We are aware of a number of Australians in the area, and Australian officials are urgently working to confirm their welfare,” the spokesperson said. “We are liaising with local authorities as well as tour operators.” The department urged any Australians in the region to follow the advice of local authorities and directed families seeking information to DFAT’s 24-hour Consular Emergency Centre.

Australia is far from alone in accounting for missing nationals. The disaster has affected a broad cross-section of foreign travelers who were in the region for pilgrimages, trekking expeditions and tour groups. A Nepal Tourism Board spokesperson, Sunil Sharma, said earlier this week that 133 of the missing tourists were from India, many of them on a pilgrimage through the border region, while 47 were from the United States, 33 from Britain and 24 from Canada.

The United States has since revised its own missing-persons count sharply higher. A State Department spokesperson said Friday that 90 Americans were currently unaccounted for, though the department stressed it had not confirmed any American deaths. “We’re currently tracking 90 Americans who may be impacted by the flood, currently unaccounted for,” the spokesperson said, according to Agence France-Presse, adding that three Americans had been confirmed rescued.

The rising toll among foreign nationals underscores the popularity of the Nepal-Tibet border region among international travelers, many of whom pass through on pilgrimage routes connecting sacred sites in Tibet with trekking and tourism infrastructure on the Nepali side. The flash floods struck with little warning during peak travel season, catching pilgrims, hikers and tour groups in exposed mountain terrain with limited escape routes.

Rescue operations have continued across both sides of the border throughout the week, hampered by damaged roads, destroyed bridges and the remote, high-altitude terrain that characterizes the affected region. Nepali authorities have deployed military personnel, police and helicopters in an effort to reach survivors and recover the dead, while Chinese rescue teams have carried out parallel operations on the Tibetan side of the border.

Australia’s $5 million assistance package is intended to support both the immediate emergency response and the recovery needs of affected communities, according to the joint statement from Wong and Aly, though the ministers did not detail Friday how the funding would be distributed or which organizations would administer it on the ground.

The disaster has drawn comparisons to previous major flooding events in the region, though officials and aid organizations have said the scale of missing persons — spanning dozens of nationalities — appears unusually large, reflecting both the volume of international travelers in the area and the sudden, glacier-triggered nature of the flooding, which left little time for warning or evacuation.

As search and rescue operations continue, Australian officials have cautioned that the number of missing citizens could still shift in either direction as authorities work through the difficult task of accounting for travelers who may have been off predictable routes, out of mobile phone contact, or registered under tour groups whose full passenger manifests are still being confirmed.

For now, families of the missing Australians have been directed to DFAT’s Consular Emergency Centre, reachable at 1300 555 135 domestically or +61 2 6261 3305 from overseas, as the government continues working to determine the fate of the 39 citizens still unaccounted for in one of the deadliest natural disasters to strike the Himalayan border region in recent memory.

Wipro shares gained 2% to their day’s high of Rs 180 on the BSE on Friday after the IT services company expanded its partnership with Google Cloud to accelerate enterprise adoption of Gemini Enterprise and agentic AI.

The development came after Indian market hours on Thursday, while Wipro’s ADRs jumped 5% in pre-market trading in the US following the announcement

Wipro Google AI partnership

Under the expanded partnership, Wipro will deploy Gemini Enterprise internally and equip more than 10,000 AI-certified specialists, including 1,500 Forward Deployed Engineers, with advanced AI tools to improve productivity, operations and decision-making.

The partnership aims to help enterprises move beyond basic task automation towards secure, autonomous AI agents that can be embedded into core business workflows. As part of the initiative, Wipro has introduced the LIFT framework, short for Launch-Ignite-Flywheel-Transform, to help companies accelerate AI transformation and deploy agentic AI at scale.

Also read: Two-year market consolidation may set stage for next bull run

The framework will bring together Gemini Enterprise and Wipro’s AI-powered delivery platforms, WINGS and WEGA. Wipro said the combination will allow clients to apply AI to multi-step business processes rather than limit its use to simple automation tasks.
Kanwar Singh, Managing Partner and Global Head of Technology Services at Wipro, said AI is becoming central to how the company is shaping its future, transforming operations and delivering value to clients.Wipro is also creating a dedicated team of more than 1,500 certified Forward Deployed Engineers. The team will combine Google Cloud’s AI expertise with Wipro’s consulting and engineering capabilities to take AI projects from the pilot stage through to full enterprise deployment.

Kevin Ichhpurani, President, Global Partner Ecosystem at Google Cloud, said the partnership is intended to help customers close the gap between AI’s potential and actual business performance.

Wipro has already deployed Gemini Enterprise as its central agentic orchestration platform under its “Operate Better with AI” strategy and “Client Zero” approach. The company said Gemini’s reasoning and long-context capabilities have enabled it to build autonomous AI agents across compliance, HR and sales intelligence, marking a shift from task automation towards an enterprise-wide decision intelligence layer.

The company has also integrated Antigravity Command Line Interface into its software engineering ecosystem. According to Wipro, this enables agentic workflows that support developers across planning, coding, testing and application modernisation.

Read more: 4 smallcaps with up to 332% PAT growth just surged 170%: Can the outperformance continue?

Wipro said the initiative has resulted in measurable gains in development productivity and a reduction in post-production defects.

Wipro Q1 results snapshot

The company reported a 1% year-on-year (YoY) increase in consolidated net profit to Rs 3,352 crore in the June quarter, compared with Rs 3,330 crore in the year-ago period. Revenue from operations rose 11% YoY to Rs 24,479 crore from Rs 22,135 crore in the same quarter last year.

The company maintained a cautious outlook for the September quarter, guiding for IT services revenue to range from a 1.5% decline to a 0.5% increase in constant currency terms. Wipro expects IT services revenue to be between $2.574 billion and $2.627 billion, implying sequential constant-currency growth of -1.5% to +0.5%.

Wipro shares are down 35% since the beginning of the year.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)