Shares of IT giants have been under pressure over the last year but the Q3 earnings season has brought in some relief for the companies. Wipro‘s share price surged 10% today to hit a new 52-week high of ₹529.
The Investment: Investing ₹10,000 in Wipro today, with the current market price at around ₹500, would get you around 20 shares of the company. Now if the Wipro share price surges back to its all-time high of ₹739.84 your ₹10,000 investment today would be worth around ₹14,800.
Q3 Earnings Review: The IT services giant reported a net profit of ₹2,694 crore for the third quarter of the current financial year, representing a 12% year-on-year decline. This marks the fourth consecutive quarter of declining profits for the company. The consolidated revenue for the quarter was ₹22,205 crore, reflecting a 4.4% YoY decrease, slightly below street estimates of around ₹22,500 crore.
Here is how analysts reacted to the company’s December quarter results:
| Analyst Firm | Rating | Target Price (₹) |
|---|---|---|
| BofA | Underperform | ₹395 |
| Jefferies | Underperform | ₹470 |
| Nomura | Reduce | ₹410 |
| Morgan Stanley | Underweight | ₹460 |
| Kotak Securities | Reduce | ₹430 |
Price Action: Wipro’s share price was up 6.69% to trade at ₹496.60 on Monday afternoon.
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Disclaimer: Benzinga India doesn’t give financial advice. The above article is for educational purposes alone.
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