Buy Wipro, target price Rs 700: Chandan Taparia

Chandan Taparia of Motilal Oswal has buy call on Wipro Ltd. with a target price of Rs 700. The current market price of Wipro Ltd. is Rs 669.8.

Time period given by analyst is Intra Day when Wipro Ltd. price can reach defined target.

Wipro Ltd., incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 367653.35 Crore) operating in IT Software sector.


Wipro Ltd. key Products/Revenue Segments include Software Services, Networking, Storage equipment, Servers, Software Licenses for the year ending 31-Mar-2021.


Financials
For the quarter ended 30-09-2021, the company reported a Consolidated Total Income of Rs 20173.60 Crore, up 5.92 % from last quarter Total Income of Rs 19045.30 Crore and up 28.89 % from last year same quarter Total Income of Rs 15651.40 Crore. Company reported net profit after tax of Rs 2931.60 Crore in latest quarter.

Investment Rationale
Price volume breakout on daily frame, highest close of last 39 sessions, closed above its 50 DEMA.

Promoter/FII Holdings
Promoters held 73.02 per cent stake in the company as of 30-Sep-2021, while FIIs owned 9.69 per cent, DIIs 2.06 per cent.