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  • LTI Mindtree, Infosys, Others Boost Nifty IT Index, Ending 7-Day Downtrend With Gains Up To 2% – News18

    LTI Mindtree, Infosys, Others Boost Nifty IT Index, Ending 7-Day Downtrend With Gains Up To 2% – News18


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    On February 18, the Nifty IT index gained nearly 150 points, rising to 41,226 and breaking its 7-day losing streak

    Nifty IT index snaps 7-day losing streak

    Nifty IT Index Rises: On February 18, the Nifty IT index gained nearly 150 points, rising to 41,226 and breaking its 7-day losing streak. This rally came as IT stocks surged, buoyed by the Indian rupee opening 5 paise lower, threatening to breach the 87 mark against the US dollar.

    A stronger US dollar against the rupee typically benefits exporters earning in dollars, such as IT services, pharmaceuticals, and textiles, leading to an uptick in their stock prices despite the fall in the rupee.

    LTI Mindtree led the gains, rising as much as 2.41% to Rs 5,605 per share. Persistent Systems followed with a 1.47% increase, trading at Rs 5,612 per share, while L&T Technology Services (LTTS) rose 1.46%, reaching Rs 4,887 per share. Other stocks such as Tech Mahindra, Wipro, and Infosys also recorded minor gains.

    However, some stocks bucked the trend, trading in the red. TCS and Mphasis saw slight losses, while Coforge dropped over 1% to Rs 7,605 per share.

    The rise in heavyweight stocks like LTI Mindtree and Infosys helped pull the index upward, but the decline in Coforge and TCS capped the gains. The Nifty IT index had seen a continuous loss over the previous seven sessions since February 7, shedding nearly 1,950 points, amid ongoing market volatility. On February 18, the Sensex fell by nearly 367 points to 75,630, while the Nifty dropped 127 points, settling at 22,832.

    Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

    News business » markets LTI Mindtree, Infosys, Others Boost Nifty IT Index, Ending 7-Day Downtrend With Gains Up To 2%



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  • Adani group features in world’s best companies of 2024. Check spot in top 1000 TIME list – Times of India

    Adani group features in world’s best companies of 2024. Check spot in top 1000 TIME list – Times of India



    The Adani Group has been recognised in TIME’s World’s Best Companies of 2024 list, which was created in partnership with Statista, a prominent global industry ranking and statistics portal.
    In a media statement on Friday, Adani group which was ranked 736 expressed their gratitude. “The Adani Group is honoured to be featured in TIME’s prestigious World’s Best Companies of 2024 list, prepared in collaboration with Statista, a leading global industry ranking and statistics portal.This accolade highlights the Adani Group’s commitment to employee satisfaction, revenue growth and sustainability,” read the statement.
    “This is further validation of the Adani group’s hard work and continuous efforts to push boundaries and deliver excellence across businesses,” further added the business conglomerate.
    As per Adani’s statement, The World’s Best Companies 2024 list is the result of a thorough analysis focusing on three critical aspects:

    • Employee Satisfaction: Surveys conducted in over 50 countries with around 1,70,000 participants assessed companies based on direct and indirect recommendations, work conditions, salary, equality, and overall company image.
    • Revenue Growth: Companies with revenues exceeding USD100 million in 2023 and demonstrated growth from 2021 to 2023 were evaluated.
    • Sustainability (ESG): Companies were assessed based on standardised ESG KPIs from Statista’s ESG Database and targeted research.

    Eight out of eleven listed Adani portfolio companies were included in the evaluation while the remaining three listed companies are subsidiaries of the eight evaluated.
    The recognised companies include Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Adani Green Energy Ltd, Adani Energy Solutions Ltd, Adani Total Gas Ltd, Ambuja Cements Ltd, Adani Power Ltd, and Adani Wilmar Ltd.
    Based in Ahmedabad, the Adani Group has interests spanning energy and utilities, transport and logistics, natural resources, and consumer sectors.
    Statista and TIME released the statistical ranking that evaluates 1,000 of the world’s top companies. The ranking methodology incorporates a combination of factors, including employee satisfaction surveys, revenue growth metrics, and data related to environmental, social, and corporate governance (ESG) practices. 22 Indian firms have been featured in the list including HCL Tech, Infosys and Wipro.





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  • Stocks To Watch: Voda Idea, Hindalco, Nykaa, Marico, Wipro, Hero MotoCorp, And Others – News18

    Stocks To Watch: Voda Idea, Hindalco, Nykaa, Marico, Wipro, Hero MotoCorp, And Others – News18


    Stocks to watch on August 13, 2024: Domestic markets started the week on a volatile note due to mixed signals but ended largely unchanged. In today’s trade, shares of Vodafone Idea, Hindalco, Nykaa, Hero MotoCorp, Marico, Wipro among others will be in focus due to various news developments and due to first quarter results

    Key earnings to watch

    Hero MotoCorp, Hindalco Industries, FSN E-Commerce Ventures Nykaa, Allied Blenders and Distillers, Allcargo Logistics, Anupam Rasayan India, Apollo Hospitals Enterprise, Ashoka Buildcon, Dilip Buildcon, Eclerx Services, Emcure Pharmaceuticals, Endurance Technologies, Godrej Industries, HEG, Ipca Laboratories, Indian Railway Catering and Tourism Corporation, Manappuram Finance, Medi Assist Healthcare Services, Max Financial Services, Samvardhana Motherson International, MTAR Technologies, Muthoot Finance, Nazara Technologies, NBCC India, Piramal Enterprises, Religare Enterprises, SJVN, and TBO Tek will announce their Q1 FY25 results on August 13.

    Vodafone Idea: Vodafone Idea’s net loss for the April-June quarter narrowed to Rs 6,432 crore from Rs 7,674 crore in the preceding quarter, owing to the fall in expenses, especially the finance costs.

    ONGC: The ministry of petroleum and natural gas on Monday allowed the allocation of gas produced from new wells or well interventions from nominated fields of state-owned upstream companies ONGC and Oil India at a 20% premium over the administered price mechanism (APM price) or the domestic natural gas price.

    IRFC: IRFC’s net profit remained flat on a yearly basis, coming in at Rs 1,576 crore, compared to Rs 1,551 crore last year. The railway financier reported revenue of Rs 6,765 crore, which is a growth of 1.4% from the revenue of Rs 6,673 crore that it reported in the same quarter of last year.

    Wipro: Wipro announced that its Chief Technology Officer (CTO) Subha Tatavarti has resigned from the services of the company to pursue opportunities outside of the IT firm. In her resignation letter, she wrote, “I am resigning from the post of CTO, Wipro effective August 16th. Good luck with your journey.” Subha Tatavarti will be stepping down as Chief Technology Officer with effect from the close of business hours on August 16, 2024.

    VA Tech Wabag: VA Tech Wabag, a pure-play water technology company, has secured a repeat order worth Rs 415 crore from the Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB). The order is towards the operation and maintenance of 110 megaliters per day SWRO Desalination Plant at Nemmeli in Chennai for a period of 7 years.

    Power Grid Corp: Power Grid Corporation said it has bagged a transmission project in Rajasthan under tariff-based competitive bidding. “Power Grid Corporation of India Ltd (Power Grid) has on 12th August 2024, received a Letter of Intent (LoI) for acquiring a Project Special Purpose Vehicle (SPV) viz. Bhadla-III Power Transmission Ltd for establishing the transmission system associated with ‘Additional Transmission System for Evacuation of Power from Bhadla-III PS as Part of Rajasthan REZ Phase-III Scheme (20 GW),” a company statement said.

    JSW Steel: JSW Steel will acquire the controlling stake in an Australian miner for $170 million as India’s largest steelmaker seeks to secure the supply of coking coal—a key raw material that is scarce in India—to meet its expansion plans. The company’s board approved to pay $120 million for a 66.67% stake in M Res NSW HCC Pty Ltd, according to an exchange filing.

    Hindustan Copper: Hindustan Copper’s net profit surged to Rs 113 crore from Rs 47 crore last year. This, despite higher employee expenses, power and fuel costs, and lower other income.

    The bottom line was aided by an increase in revenue, which grew by 33% from the same period last year to Rs 493.6 crore.

    NMDC: National Mineral Development Corporation (NMDC) reported a consolidated net profit of Rs 1,970.80 crore for the quarter ending June, increasing 19% on year from Rs 1,652.2 crore in the year-ago period, amid increased realisations. NMDC’s consolidated revenue from operations was flat at Rs 5,414.2 crore in the quarter ended June 30.

    Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.



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  • Wipro lags peers, revenue down nearly 5% in June quarter – Times of India

    Wipro lags peers, revenue down nearly 5% in June quarter – Times of India


    BENGALURU: Wipro shares tanked 13% on the NYSE after its revenue declined by 4.9% in the June quarter compared to the year-ago period. Sequentially, its revenue dropped by 1% in constant currency. Wipro’s numbers are lacklustre compared to its peers – TCS and Infosys – and are better than only HCLTech, whose revenue declined by 1.6% in constant currency.
    “In Q1, we didn’t see a significant shift in demand environment. Clients remained cautious, and discretionary spending continued to be muted,” said Wipro CEO Srini Pallia at the earnings conference on Friday. “Banking & financial services retained their positive momentum from last quarter, and we have now seen growth in this sector for two consecutive quarters. The manufacturing and energy & utilities sectors continued to be weak with sequential declining by 3% and 6.3%, respectively.”

    Wipro’s operating margin expanded by 10 basis points to 16.5% compared to the March quarter. This is also the lowest among the top four Indian IT firms. Pallia said Wipro is driving large deals momentum systematically across its client base. “We are shaping these opportunities by proactively engaging with influencers and partners. As a result, our pipeline for large deals remains robust,” he said. Wipro has had a soft quarter, bagging total contracts worth $3.3 billion compared to $3.6 billion in the March quarter. Large deals remained flat sequentially at $1.2 billion.
    Despite the revenue decline in the first quarter of FY25, Wipro has revised its revenue forecast for the Sept quarter to -1% to 1%, from -1.5% to 0.5% it had guided previously. “There are put and takes in our guidance. Our guidance is based on the visibility we have. There is movement in the Americas (includes Latin America and the US). Capco has been growing for three quarters, and its bookings have grown year-on-year. On the other hand, there is softness in Europe and Asia-Pacific, Middle East, and Africa (APMEA). Based on all these factors, we have provided guidance,” Aparna Iyer, the CFO of Wipro, said at the earnings press conference.
    Pallia said the company is seeing some traction in the automotive, BFSI and the consumer sectors in the US and Europe, which gives them the confidence to achieve its guidance.





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  • Microsoft, Wipro To Launch GenAI-Powered Assistants For Financial Services

    Microsoft, Wipro To Launch GenAI-Powered Assistants For Financial Services


    New Delhi: Leading technology services and consulting company Wipro on Monday announced that it is teaming up with Microsoft to launch a suite of cognitive assistants for financial services powered by generative artificial intelligence (GenAI).

    According to the company, the cognitive assistants will provide financial professionals with deep market intelligence and appropriate and timely information on investment products and investor behaviour.

    “This new solution set, powered by Microsoft, will help provide better and faster market and product intelligence to financial advisors and banking professionals, enabling them to deliver more personalised and timely service to clients,” Suzanne Dann, CEO of Americas 2 Strategic Market Unit at Wipro Ltd, said in a statement.

    “These solutions will also reduce the multiple – often repetitive – steps needed to onboard new investors or originate loans, cutting down the time spent on paperwork,” she added. Wipro’s new GenAI-powered cognitive assistants will be powered by Microsoft Azure Open AI and available on Azure App Services.

    The solutions will also utilise Microsoft Azure Document Intelligence, which uses advanced machine learning to extract text, key-value pairs, and structures from documents.

    “Wipro has extensive financial services expertise, and we know that their new AI-powered virtual assistants will deliver innovation, scale and meaningful business value for customers,” said Bill Borden, Corporate VP, Worldwide Financial Services at Microsoft.



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  • Check The Jaw-Dropping Salary Of Wipro’s New CEO Srinivas Pallia; Has Basic Pay Range Of $1,750,000 To $3,000,000

    Check The Jaw-Dropping Salary Of Wipro’s New CEO Srinivas Pallia; Has Basic Pay Range Of $1,750,000 To $3,000,000


    New: Indian IT major Wipro had earlier this month announced the resignation of its CEO Thierry Delaporte and named Srinivas Pallia as the new Chief Executive Officer effective immediately. Wipro’s Board noted the resignation of Delaporte with effect from April 6, 2024, the company said in a BSE filing, and added he will be relieved from the employment of the company with effect from the close of business hours on May 31, 2024.

    “At their meeting held on April 6, 2024…pursuant to the recommendation of the Nomination and Remuneration Committee, the Board of Directors has approved the appointment of Srinivas Pallia as the Chief Executive Officer and Managing Director of the company with effect from April 7, 2024, for a period of five years, subject to approval of shareholders and the Central Government as may be applicable,” Wipro said.

    In a regulatory filing on 29 April 2024, Wipro informed the BSE regarding the Remuneration to be given to its new CEO Srinivas Pallia and also mentioned the cash compensation and applicable social security contributions to its ex CEO Delaporte.

    Here Is All About The Jaw-Dropping Salary Details Of Wipro’s New CEO Srinivas Pallia

    a) Basic Pay: In the range of USD 1,750,000 per annum to USD 3,000,000 per annum.

    b) Target Variable Pay: In the range of USD 1,750,000 per annum to USD 3,000,000 per annum. The actual payout will vary based on the organization level achievement on parameters of revenue & profit, and such other criteria as may be determined by the Board of Directors, from time to time. The variable pay program may be changed or modified in part or full thereof from time to time, at the sole discretion of the Board.

    c) Long-term Incentive: Stock compensation through grant of American Depository Shares (ADS) Restricted Stock Units (ADS RSUs) and ADS Performance Stock Units (ADS PSUs) aggregating to an amount USD 4,000,000, consisting of ADS RSUs worth of USD 1,400,000 and ADS PSUs worth of 2,600,000 as per details below:

    i. Vesting schedule of RSUs and PSUs: 25% on May 2, 2025, 25% on May 2, 2026 and 50% on May 2, 2027

    ii. Vesting of PSUs shall be subject to achievement of revenue, margin, and free cash flow targets as per Company policy, and such other criteria as may be determined by the Board of Directors, from time to time

    iii. The stock compensation is aimed at promoting a culture of ownership by providing an opportunity to share in future growth and profitability of the Company, which would thereby lead to improved engagement, motivation, and retention.

    d) Any other stock grant as may be determined by the Board/Nomination and Remuneration Committee, from time to time.

    Other Perquisites and Benefits 

    e) Personal Accident Insurance, Group Life Insurance: Personal accident insurance cover and Group life insurance cover is as per the Company policy.

    f) Reimbursement of medical expenses for self, spouse, and dependent children up to maximum of one month’s basic pay as per the Company policy. In addition, Mr. Srinivas Pallia will be entitled to medical insurance and annual health check-up as per Company policy.

    g) Leave with full pay and allowance as per Company policy.

    h) Reimbursement of travel, stay and entertainment expenses actually and properly incurred in the course of business as per Company policy.

    i) The appointment may be terminated by either party by giving notice to the other party of such termination or paying salary in lieu of notice period as mentioned below: – If the agreement is terminated by the Chief Executive Officer and Managing Director, he is required to give prior written notice of six months to the Company or pay to the Company six months’ base pay in lieu of the notice. – If the agreement is terminated by the Company, the Company is required to pay to the Chief Executive Officer and Managing Director severance pay equivalent of 12 months’ base pay.

    j) The Chief Executive Officer and Managing Director shall not be entitled to sitting fees for attending the meetings of the Board of Directors or Committees thereof.

    k) The Chief Executive Officer and Managing Director shall be subject to retirement by rotation.

    “Notwithstanding anything to the contrary herein contained where in any financial year during the tenure of the Chief Executive Officer and the Managing Director, the Company has no profits, or its profits are inadequate, the Company will pay remuneration by way of salary including perquisites and allowances as specified under Section II of Part II of Schedule V to the Companies Act, 2013,” Wipro said.

    The company also added, “… pursuant to the recommendation of the Nomination and Remuneration Committee and the Board of Directors, approval of the Members of the Company be and is hereby accorded to make a payment of USD 4.33 Million in the form of cash compensation and applicable social security contributions, subject to appropriate deductions, to Mr. Thierry Delaporte who resigned as Chief Executive Officer and Managing Director of the Company with effect from close of business hours on April 6, 2024. “



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  • Delaporte quits as Wipro CEO, Srinivas Pallia is new chief – Times of India

    Delaporte quits as Wipro CEO, Srinivas Pallia is new chief – Times of India



    NEW DELHI: Indian IT major Wipro Saturday announced the resignation of Thierry Delaporte as CEO and named Srinivas Pallia as the new Chief Executive Officer of the company, effective immediately.
    The announcement comes days before the Bengaluru-headquartered company is scheduled to announce its Q4 and full-year earnings for 2023-24 on April 19. Wipro has been trailing its peers on the performance front with subdued report card and weak guidance and saw a spate of senior-level departures, including CFO Jatin Dalal and chief growth officer Stephanie Trautman, last year.
    According to a Wipro release, Pallia brings to the CEO role extensive institutional and industry knowledge, as well as a strong track record of leadership through some of the most significant technological shifts the industry has seen.
    In a BSE filing Saturday, Wipro said its board noted the resignation of Delaporte with effect from April 6, 2024, and went on to add that he will be relieved from employment of the firm with effect from the close of business hours on May 31, 2024.”At their meeting on April 6, 2024…pursuant to the recommendation of Nomination and Remuneration Committee, the board approved appointment of Srinivas Pallia as the CEO and MD of the company with effect from April 7, 2024, for a period of five years, subject to the approval of shareholders and the central gove t as may be applicable (sic),” Wipro informed in an exchange filing.
    The $11.2 billion global IT, consulting and business process services company competes in the global outsourcing market with Tata Consultancy Services, Infosys, HCL Technologies, Cognizant and other international & domestic IT players.





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  • ‘I, Azim H Premji, Wish To…’, Wipro Founder Gifts 1 Cr Shares Of Over Rs 480 Cr To His Sons – News18

    ‘I, Azim H Premji, Wish To…’, Wipro Founder Gifts 1 Cr Shares Of Over Rs 480 Cr To His Sons – News18


    Wipro founder Azim Premji (File photo)

    Tech magnate Azim Premji’s son Rishad Premji currently helms Wipro as its Executive Chairman, and is a prominent face of the IT industry.

    Wipro founder Azim Premji has transferred 1.02 crore equity shares of Wipro held by him to his two sons –Rishad Premji and Tariq Premji– as ‘gift’, according to an exchange filing.

    The Wipro scrip is currently valued at Rs 472.9 per share, and at roughly this value, the transferred shares will amount to a whopping Rs 483 crore.

    “I, Azim H Premji, wish to intimate you that 1,02,30,180 equity shares of Wipro Limited held by me, amounting to 0.20 per cent of the share capital of the company were transferred to Rishad Azim Premji and Tariq Azim Premji in the form of gift,” Wipro filing on Wednesday said.

    Tech magnate Azim Premji’s son Rishad Premji currently helms Wipro as its Executive Chairman, and is a prominent face of the IT industry.

    The transaction, however, would not alter the overall promoter and promoter group shareholding in the company and it will remain the same even after the proposed transaction.

    In another filing by Wipro, Rishad Premji informed that 51,15,090 equity shares of Wipro Ltd has been received as gift from Azim Premji.

    A similar intimation was made for Tariq Premji, informing that he has also been gifted 51,15,090 equity shares of Wipro Ltd by Azim Premji.

    (With PTI inputs)

    namit 2023 11 a5ca703c89e6615de2ac91921e314bfa
    Namit Singh Sengar

    Namit writes on personal finance, economy and brands. Currently contributing to News18.com as a Senior Sub Editor in the business vertical. Prior to t…Read More



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  • After TCS, Infosys, Wipro & HCL Tech results, experts suggest Indian IT sector rebound likely in FY25 – Times of India

    After TCS, Infosys, Wipro & HCL Tech results, experts suggest Indian IT sector rebound likely in FY25 – Times of India


    Growth in India’s information technology (IT) sector is expected to bounce back in the next fiscal year, according to experts. However, the recent performance of the country’s top four IT companies in the third quarter has not instilled much confidence, says an ET report.
    Although IT companies showed little improvement in market confidence following the US Federal Reserve’s announcement of potential interest rate cuts in 2024, analysts anticipate a turnaround in the coming quarters based on management’s comments on the demand environment.
    During the fiscal third quarter ending in December, Tata Consultancy Services (TCS), India’s largest IT firm, reported a 4% increase in revenue and a 2% growth in profit compared to the same period last year.On the other hand, Infosys, the second largest IT services company, revised its revenue growth guidance for the fiscal year 2024 to 1.5-2.0% after experiencing a 7.3% decline in profit and a 1% increase in revenue.
    Wipro‘s profit declined by 12%, marking the fourth consecutive quarter of lower profits. Additionally, its revenue dropped by 4.4%. In contrast, HCLTech witnessed a 6.5% rise in revenue and a 6.2% growth in profit.

    TCS, Infosys Q3 earnings snapshot

    However, IT sector’s reported deal bookings excited investors, resulting in a surge in IT stocks.
    Peter Bendor-Samuel, the chief of IT industry research firm Everest Group, predicts a demand revival by the second quarter of 2024 (April-June) based on the current guidance from these IT companies. He stated that the next two quarters might be challenging due to hesitation in discretionary spending and new initiatives. However, he believes a modest recovery will likely begin by the end of the second quarter (which is the first quarter of FY 2024-25 for Indian firms).

    Phil Fersht, the CEO of HfS Research, is optimistic about the companies benefiting from upcoming deals in the market and growth in the UK. Fersht mentioned that there are discussions regarding significant deals in the market, and there is a positive outlook on the realization of these deals in the next few quarters. He also noted increased activity in Europe, particularly in the UK, which could result in substantial engagements.

    Wipro, HCLTech earnings snapshot

    Wipro, HCLTech earnings snapshot

    Despite a one-time provision of $125 million, Tata Consultancy Services continued to report industry-leading margins at 23.4%. Kumar Rakesh, an analyst at BNP Paribas, highlighted that recent strong deal wins have started to drive TCS’ revenue growth after a few stagnant quarters. Additionally, the company’s margin expansion is exceeding expectations. Rakesh found comfort in TCS’ optimistic stance on demand recovery, as the company is witnessing pent-up demand for new technologies and expects the BFSI sector to recover in the coming quarter.





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  • Wipro Rallies 11% After Q3 Nos Beat D-Street Expectations; What Should Investors Do? – News18

    Wipro Rallies 11% After Q3 Nos Beat D-Street Expectations; What Should Investors Do? – News18


    Last Updated: January 15, 2024, 09:45 IST

    Wipro Share Price: Shares of IT major Wipro surged over 11 per cent on January 15 to hit a fresh 52-week high as the company’s December quarter earnings beat estimates, and its American Depository Receipts (ADRs) surged almost 18 percent to hit a near-20-month high of $6.35 after the company reported its results on Friday, January 12.

    For the quarter, Wipro reported a constant currency (CC) revenue degrowth of 1.7 per cent sequentially, which was near the upper end of its degrowth guidance of 3.5 per cent to 1.5 per cent. It beat analysts estimates of 2-4 per cent degrowth.

    This is the fourth consecutive quarter wherein Wipro has reported a fall in profits YoY. and analysts expect Wipro to continue underperforming peers, primarily due to intriguingly low correlation between its deal wins and top-line growth.

    “This performance has come about despite some low-margin client rationalisation in APMEA (impact not quantified). The performance has been much better than street’s worst fears as it was expecting ‘wider and deeper’ furlough quarter. The sharp ADR performance (up 18 per cent on 12th January 2024) is likely because of positioning,” said Nirmal Bang Institutional Equities.

    The brokerage noted that among the four companies that have announced results thus far for 3QFY24, Wipro is the only one which has indicated green shoots in discretionary spending, where its Consulting business (Capco) saw double-digit growth in order inflow QoQ.

    “It however did not indicate how much the Consulting order inflow was to take a call whether this would materially change things on the demand side. While order inflow was strong for the fifth consecutive quarter, Wipro gave a cautiously optimistic guidance of minus 1.5 per cent-0.5 per cent QoQ CC growth for 4QFY24. We are building in revenue growth at the upper end,” this brokerage said. Nirmal suggested a target of Rs 384 on the stock, down 18 per cent from the prevailing level.

    Kotak Institutional Equities said that the rigorous cost control enabled a margin beat of 50 basis points and took note of the positive management commentary.

    “However, a YoY decline in TCV and guidance of a revenue decline at the mid-point for 4QFY24 do not reflect a quick demand recovery. EPS estimates are largely unchanged. Retain fair value of Rs 430 and REDUCE,” it said.

    Motilal Oswal said it expects Wipro’s FY24 revenue growth rate to be one of the lowest among Tier-1 IT Services peers, with margin below the management’s medium-term guided range of 17-17.5 per cent. It maintains its ‘Neutral’ rating, as we await further evidence of the execution of Wipro’s refreshed strategy, and a successful turnaround from its struggles over the last decade before turning more constructive on the stock.

    This brokerage has a target of Rs 520 on the stock.

    “Wipro’s muted Q3FY24 performance and Q4FY24 guidance leave much to be desired – though we do see signs of gradual improvements. Wipro is set to report a YoY decline in top line for FY24 – significantly below peers. We continue to anticipate Wipro to underperform peers, primarily due to its low correlation between deal-wins and top line growth – not helped by the continuous exits. The stock’s inexpensive valuation and high dividend yield limit the downside potential,” said Nuvama Institutional Equities. This brokerage suggested a target of Rs 460 on the Wipro stock.

    Morgan Stanley has assigned an Underweight rating to Wipro, with a higher target price of Rs 460 per share. While acknowledging initial indications of a shift in business mix, the international brokerage emphasizes the need for caution, deeming it too early to confirm a definite trend.

    The positive trajectory in revenue growth and favorable management commentary contribute to higher EPS estimates. Anticipating the stock to open with a gap in line with the ADR, Morgan Stanley maintains a ‘Relative Underweight’ stance due to lower visibility on FY25 compared to peers and less favorable relative valuations.

    Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

    Aparna Deb

    Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious abo…Read More



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