Page 31 - It Services News Today

Broking company Motilal Oswal Financial Services Ltd has recommended that investors buy shares of HCL Technologies Ltd (HCLT) while remaining neutral on Wipro Ltd's shares.According to Motilal Oswal, a buy recommendation means the stock would ...

India Business News: Jefferies expresses concern over weak Q4 growth guidance and ongoing headcount declines at Wipro.

Wipros American Depository Receipts (ADRs) on January 12 surged almost 18 percent to hit a near-20-month high of $6.35 after the company reported its December quarter earnings.

ESC chairman Sandeep Narula said that IT software/services accounted for the largest share of the exports, contributing $126 billion, followed by BPO services contributing $52 billion, software products development contributing $5.1 billion, and engineering services $ 9 billion.

Wipros shares surged 10% to reach a 52-week high of Rs 511.95 after the release of its Q3 results. The companys consolidated net profit declined by nearly 12% YoY to Rs 2,694 crore, while its consolidated revenue dropped 4.4% to Rs 22,205 crore. Brokerages like Jefferies and BofA maintained an Underperform rating, while Kotak Institutional Equities recommended a Reduce and Nuvama suggested a Hold. Wipros Q4 growth guidance and continued headcount declines are concerning for the company. However,...

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Clients are focusing on conserving cash, thus leading to a delay in decision-making and project deferrals. This means that a faster conversion of deals into meaningful revenue growth isn’t on the cards in the near term

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Motilal Oswal recommended Neutral rating on Wipro with a target price of Rs 520 in its research report dated January 13, 2024.