Wipro market price saw a huge jump on BSE today, with a closing point of Rs.486.70 a piece, leaving HCL technologies behind in terms of Market Capitalisation. It took Wipro’s total Market Capitalisation to Rs.2.65 Lakh crore. Making it the third most valued Indian Firm, regaining its spot after 18 months.
According to BSE data, Wipro with total market capitalisation of Rs.2.66 lakh crore, stood at 12th position in the overall ranking, as on April 22 whereas HCL Technologies stood at the 13th position with a market capitalisation of Rs 2.62 lakh crore. Wipro outperformed his competitor due to Improved deal wins, weakening of rupee, strengthened buying in the defensive sectors like IT and shining fourth- quarter results “Technically, Rs 465-470 remains a strong support and target of Rs 515 looks highly likely in the coming weeks,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told Financial Express Online.
The number one position is still retained by Tata Consultancy Services (TCS) in IT companies market-cap rank, standing strong with a market-cap of Rs 11.47 trillion, followed by Infosys (Rs 5.72 trillion), which is also sailing strong.
Healthy quarter earnings for the January-March quarter of FY21 backed Wipro’s share price rise to hit Rs 494.50 apiece on Thursday, which is a fresh 52-week. Today, Wipro stock was trading at Rs 484.85 apiece. ‘Wipro underperformed on revenue growth against HCL Technologies and other large IT names over the last decade’,quoted an Analyst to Financial Express.
HCL Technologies expects revenue in FY22 to increase in double digits and EBIT margin is expected between 19-21 percent. “We have posted a robust Q4FY21 sequential constant currency revenue growth of 2.5 percent. The booking and pipeline represent a well balanced mix of service lines, geographies and industries. With these solid financials, a passionate employee family and a business model that has consistently proven itself for its resilience and relevance, we step confidently into FY22,” said C Vijayakumar, President & CEO of HCL Technologies
“Recent restructuring efforts, which include simplified operating structure, step-up in capability upgrade and talent management under new leadership bode well for Wipro in the medium term,” Suyog Kulkarni, Senior Research Analyst at Reliance Securities, told Financial Express Online.