Wipro Q3 Stock: Wipro Share Price jumps to 13%

source: businesstoday.in

Jan 16, 2024

The stock hit its circuit limit at Rs 511.95 on BSE. The IT scrip is up 15 per cent in the last one month. This is against a 7 per cent rise for HCL Tech, 5 per cent for Infosys and 2 per cent for TCS.

The American Depository Receipts (ADRs) of Wipro Ltd were up 17 per cent on Friday, and therefore a 13 per cent stock rally on Monday morning at domestic bourses should not surprise investors.

On Monday, the stock hit 13.10 per cent to hit a high of Rs 511.95 on BSE. With this, the IT scrip is up 15 per cent in the last one month.

This is against a 7 per cent rise for HCL Technologies Ltd, 5 per cent for Infosys Ltd and 2 per cent for Tata Consultancy Services Ltd.

Wipro has focused on driving growth from its partner ecosystem and is tackling improvement in operating profile based on changes in the operating structure.

Wipro logged a constant currency (CC) revenue degrowth of 1.7 per cent for the quarter, sequentially. This was near the upper end of its guidance of minus 3.5 per cent to minus 1.5 per cent. Wipro's sales degrowth beat analyst projections of 2-4 per cent degrowth.

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.

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