What’s inside:
This article covers the recent decline in Wipro’s shares, the company’s quarterly results, and expert opinions on its stock performance.
On Friday morning, Wipro Limited, an IT company, saw its shares drop by over 4.50 percent, bringing the price down to Rs 242. This decline came soon after the company released its quarterly financial results.
The quarterly results announced on Thursday are thought to be the main reason for the drop in share prices. A report indicated that out of 47 analysts, 16 recommended selling Wipro shares, while 13 are still optimistic about investing in them. Additionally, 18 analysts suggested that current investors should hold onto their shares.
Brokerage firm Nomura has suggested buying Wipro shares, setting a target price of Rs 280. On the other hand, Jefferies has a different outlook, with a target price of Rs 220, which is below the company’s 52-week low of Rs 225. They have rated the stock as underperform.
In terms of financial performance, Wipro’s net profit for the September quarter was Rs 3,246.20 crore, showing a slight increase from Rs 3,208.80 crore a year ago. The company’s revenue for the same period was Rs 22,697.30 crore, reflecting a modest growth of 1.7 percent year-on-year.
Overall, Wipro’s stock performance is mixed, with some analysts recommending buying, while others suggest caution. Investors should stay informed about the company’s financial health and market conditions before making any decisions.
Summary:
- Wipro’s shares fell over 4.50% to Rs 242 on Friday.
- The decline followed the announcement of quarterly results.
- Nomura recommends buying shares, targeting Rs 280.
- Jefferies set a lower target price of Rs 220.
- Wipro’s net profit showed a slight annual increase.
