Wipro share price: Down 15% from its 1-year high, know what analysts are recommending - Hindustan Times
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Wipro share price: Down 15% from its 1-year high, know what analysts are recommending

Apr 23, 2024 09:09 AM IST

Wipro share price: Wipro share price trend shows that the counter has dropped 15% from its one-year high.

Wipro share price: Wipro is one of the biggest tech companies in the country and it has been able to hold on to its status in the top 5 list after the biggest IT company which is the Tata Consultancy Services (TCS), second placed Infosys and third placed HCL Technologies (as per the latest market capitalisation figures by Forbes). While it is admired for its focus on quality and innovation, Wipro’s share price has been sliding.

Wipro share price: Wipro announced its Q4 results on April 19.(Reuters)
Wipro share price: Wipro announced its Q4 results on April 19.(Reuters)

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Wipro share price trend shows that the counter has dropped 15% from its one-year high. Even as the share closed 2.02 per cent up at 461.95 on Monday, if you check for a longer period, the figures show that Wipro’s shares are 15.41 per cent down from their one-year high, which was 546.10 on February 19, 2024, Business Today reported.

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However, to really put things in perspective, that was the 1-year high, which was a point reached after a huge surge that was sustained over a long period that started in December 2023.

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And notably, the share has been battling back and has jumped 27.19 per cent compared to its 52-week low value of 363.20, which was seen on April 21, 2023.

Now that the quarterly results are out for all three, what exactly should investors look at? Analysts reveal the way forward.

First of all, as far as Wipro is concerned, there is a lot of demand environment uncertainty surrounding the company even as both TCS and Infosys reported strong deal wins. Also, Wipro saw its consolidated net profit drop 8 per cent to 2,835 crore and even its revenue from operations fell 4 per cent to 22,208.3 crore (YoY).

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Analysts quoted by a LiveMint report say that Wipro has provided an unimpressive guidance. According to Swastika Investmart’s Pravesh Gour, Infosys and Wipro's finances were weak and they were unable to guarantee a timely ramp-up of deals. Stoxbox’s Dhruv Mudaraddi, too added that financials for Infosys and Wipro were weak. Over and above that, they were not able to ensure a timely ramp-up of deals.

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