Buy Wipro, target price Rs 408.8: ICICI Direct

ICICI Direct has buy call on Wipro with a target price of Rs 408.8. The current market price of Wipro is Rs 404.6. Time period given by analyst is Intra Day when Wipro price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 398.7.

Wipro., incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 220787.33 Crore) operating in IT Software sector.

Wipro key Products/Revenue Segments include Software Services, Networking, Storage equipment, Servers, Software Licenses for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 23867.30 Crore, up 3.55 % from last quarter Total Income of Rs 23049.40 Crore and up 14.79 % from last year same quarter Total Income of Rs 20791.50 Crore. Company has reported net profit after tax of Rs 3062.40 Crore in latest quarter.

The company’s top management includes Mr.Rishad A Premji, Mr.Azim H Premji, Mr.Thierry Delaporte, Ms.Tulsi Naidu, Mr.Deepak M Satwalekar, Dr.Patrick J Ennis, Mr.Patrick Dupuis, Mr.Ireena Vittal. Company has Deloitte Haskins & Sells LLP as its auditors. As on 31-12-2022, the company has a total of 549 Crore shares outstanding.

Investment RationaleHigher base above 50 day EMA and sustaining above recent breakoutarea signaling further upward momentum.

Promoter/FII Holdings
Promoters held 72.94 per cent stake in the company as of 31-Dec-2022, while FIIs owned 6.3 per cent, DIIs 7.8 per cent.