Buy Wipro with a price target of Rs 490: Aniruddha Mehta, IIFL

In a chat with ET Now, Aniruddha Mehta, Analyst-India Private Clients, IIFL, shares his views on Wipro Limited.

ET Now: In the poll, we suggested that they would probably do EBIT margins of odd 17.7% and they have delivered on that. The bottom line has come as a result of lower tax rate and higher other income. Does that enthuse you enough to probably give out a buy recommendation on Wipro? What about Wipro particularly in this quarter’s numbers?

Aniruddha Mehta: We are bullish on Wipro. It is one of our top picks. So, we continue to be buyers on the stock as the performance of the company is better than expectation in this current quarter.

Even if we leave the non-operational components of lower taxes and higher other income, the core performance seems to be good. So, there is a good traction from the company in terms of the demand and we will continue to remain positive on the company. We have a buy recommendation with a target of Rs 490 on the company.

ET Now: What would be your top buy?

Aniruddha Mehta: We have Wipro and HCL Tech as our buys. Within the midcap, we have KPIT as our top pick.