Wipro’s share price has been climbing up at the bourses despite the company’s earnings for the quarter missing analyst estimates. The company continued to make gains for the second straight session on Friday, with the stock going up close to 2% to hit an intraday high of ₹401.50.
The Investment: If your mom had invested ₹10,000 in Wipro on July 15, 2013, she could have bought approximately 69 shares at the closing price of ₹143.21 per share. Today, those shares would be worth around ₹27,669, given the current market price of ₹401 per share. This represents a return of over 176% on the initial investment.
Note: The stock issued bonus shares twice during the last decade. The prices have been adjusted to reflect that.
Background: The IT services giant reported a 6% increase in consolidated revenues at ₹22,831 crore, compared to the ₹21,528.6 crore revenue it booked in the same quarter last year. The profit for the period stood at ₹2,870 crore, up 12% from the ₹2,558.9 crore profit it booked during the same period last year. Both the top line and the bottom line missed consensus estimates.
Despite modest figures, Wipro’s stock, along with other tech stocks, experienced an upward trend. The main driving force behind this rally is the positive market sentiment resulting from a decrease in U.S. inflation rates. However, brokerages were not impressed by the company’s numbers.
|Research Firm||Rating||Target Price|
|ICICI Securtiies||Downgrade To Sell||₹319|
Price Action: Wipro’s share price was up 1.32% to trade at ₹399.50 in the mid-market hours of trading on Friday.
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