Wipro ADR rises 4% on NYSE after IT major’s net profit shoots 24% YoY to surpass Street estimates in Q3FY25 | Stock Market News
Source: Live Mint
Wipro ADR: American Depository Receipt (ADR) shares of India’s fourth-largest IT services company witnessed a sharp rise on the New York Stock Exchange (NYSE) after declaring its October-December quarter results for fiscal 2024-25 (Q3FY25). ADR rose 4.09 per cent to $3.435 on the American stock exchange after the IT major surpassed D-Street expectations with its net profit surging 24.5 per cent year-on-year in the third quarter of FY25.
American Depositary Receipt (ADR) serves as a tool for the foreign companies to trade on US stock markets, just like the regular shares of US companies. Also, in theory, an ADR is similar to a special certificate issued by a US bank.
