Wipro Share Price: India’s leading IT companies have delivered remarkable returns over the past year, but Wipro has emerged as a clear winner, outperforming major peers like TCS, Infosys, and HCL Tech.
Performance Snapshot (Last 1 Year):
- Wipro: 47%
- Tech Mahindra: 45.72%
- HCL Technologies: 43.85%
- Infosys: 33.46%
- TCS: 24.81%
Brokerage Upgrades Target Price for Wipro
Brokerages have raised their target price for Wipro, citing strong recovery trends and growth prospects.
- New Rating: From ‘Hold’ to ‘Buy’.
- Revised Target Price: ₹700 (up from ₹520).
Nuvama Institutional Equities highlighted that:
- Wipro is at a pivotal point with a new CEO and fresh expectations.
- A potential US interest rate cut by September 2024 and improved macroeconomic conditions will benefit the IT sector, especially Wipro.
- Wipro’s portfolio includes segments expected to witness significant recovery in upcoming quarters.
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Key Growth Drivers
- Consulting Business Growth:
- Wipro’s consulting arm, Capco, has shown consistent growth over the past two quarters.
- Leadership Strategy:
- In April 2024, Wipro appointed Pallia as its new CEO, opting for an internal candidate after 14 years. This approach has been successful so far, bolstering investor confidence.
- Future Outlook:
- A recovering US economy and better macroeconomic dynamics could further accelerate growth for the company.
Wipro: A Solid Investment Choice
- Recent Stock Performance:
- Closed at ₹583.85 on Wednesday, down by 0.87%.
- Delivered a 4.52% return over the past month.
- Long-Term Returns:
- Over the last 5 years, Wipro has provided a 145.62% return, showcasing its resilience and growth potential.
- Position in the Market:
- Wipro is India’s fourth-largest IT company, headquartered in Bengaluru, with a workforce of 2.33 lakh employees.
What Lies Ahead?
With its strong recovery trends, strategic leadership, and a bullish stance from brokerages, Wipro seems well-positioned to continue delivering robust returns, making it an attractive option for investors.
