Brokerages maintain mixed views on Wipro post Q4 results
Brokerages have a mixed view on Wipro even as the company posted strong fourth-quarter results. The stock ended up 9% at Rs. 469.25 after posting a fresh 52-week high during the day on Friday.
CLSA has maintained an ‘underperform’ rating with a target price of Rs. 450, revised up from Rs. 440. Jefferies has maintained ‘underperform’ as well with an Rs. 380 target while Investec has maintained a ‘hold’ rating.
While increasing the target price to Rs. 465 from Rs. 440 and retaining a ‘hold‘ rating. On the other side, HABC said a few more quarters of sustainable growth are needed to drive valuation upwards. Kotak Institutional has retained an ‘add’. Wipro is checking the right boxes in its turnaround, said Kotak. Nomura upgraded the stock to neutral on improving execution.
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Besides, the company bagged $1.40 billion deals during the quarter ended on March 31st.
While the companies revenue from banking, financial services, and insurance (BFSI) increased by 2.70% in Q4FY21. While in the retail segment the revenue of the company rose by 2.70% to Rs. 3,902 crores as against Rs. 3,801.00 in the previous quarter.
However, the shares of Wipro Limited on Friday reported a bullish trend in the stock market. Meanwhile, it gained 468.45 points with an 8.76% increase and reached 468.45 INR. While in BSE, the company gained 37.35 points with an 8.67% increase and reached 468.60 INR. But the IT firm is expected to clock flat QoQ growth in profit for the March quarter.