Wipro beats Cognizant in market cap

BENGALURU: Wipro has gone past Cognizant in market capitalisation and is now the fourth-most valuable IT services firm globally after Accenture, TCS and Infosys, signalling renewed investor confidence in the Bengaluru-based company nearly a year after its new chief executive officer Thierry Delaporte took over.

Wipro’s ADR rose 2.4% to $7.4 apiece on the NYSE, giving the company a market capitalisation of $38.1 billion. Cognizant was up 1.2% at $71.5 in morning trade on the Nasdaq, with a market capitalisation of $37.7 billion.