Shares of Wipro hit record high as September quarter (Q2) earnings beat estimates, while some brokerages raised price targets on the stock. The stock ended up 5.2% at Rs 707.55 on Thursday after touching an all-time high of Rs 739.8 intraday.
By ET Bureau | Updated:
Agencies
CLSA remains bearish on the stock.
Mumbai: Shares of Wipro hit record high as September quarter (Q2) earnings beat estimates, while some brokerages raised price targets on the stock. The stock ended up 5.2% at Rs 707.55 on Thursday after touching an all-time high of Rs 739.8 intraday.
IDBI Capital upgraded the stock to buy from hold while retaining a target price of Rs 780. HDFC Securities raised target price to Rs690 from Rs 670 and Edelweiss raised target price to Rs 840 from Rs 680.
HDFC Securities retained an add rating. Edelweiss and Axis Securities have maintained a buy.
"Revenue growth benefited from industry tailwinds as well as Wipro's internal transformation initiatives. Margins performance is robust despite multiple headwinds such as acquisitions and investments in business," said Edelweiss.
CLSA remains bearish on the stock. The brokerage raised earnings forecast for FY22 by 2% but said that a successive quarter of modest order book limits visibility of long-term growth trajectory.
