Buy Wipro, target price Rs 450: Sharekhan by BNP Paribas

Sharekhan by BNP Paribas has buy call on Wipro with a target price of Rs 450. The current market price of Wipro is Rs 418.6. Sharekhan by BNP Paribas recommended to keep stop loss at Rs 400.

Wipro, incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 218970.66 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 30-06-2023, the company has reported a Consolidated Total Income of Rs 23479.00 Crore, down -1.50 % from last quarter Total Income of Rs 23835.60 Crore and up 6.72 % from last year same quarter Total Income of Rs 22001.00 Crore. Company has reported net profit after tax of Rs 2885.70 Crore in latest quarter.

Investment Rationale
Stock has provided breakout from inverse head &shoulders pattern which is a bullish reversal pattern.

Promoter/FII Holdings
Promoters held 72.92 per cent stake in the company as of 31-Mar-2023, while FIIs owned 6.38 per cent, DIIs 8.01 per cent.