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Thierry Delaporte steps down as Wipro's CEO ahead of schedule, replaced by Srinivas Pallia. The market reacts with caution as challenges for the new CEO loom. Analysts predict subdued stock performance in the short term, uncertainty before potential turnaround.
Investors will await clarity on any strategic or organisational changes and capital allocation from new CEO and MD Srini Pallia.
India Business News: Wipro stock price experienced a 1% drop on Monday, hitting a low of Rs 479 on the Bombay Stock Exchange. The sudden departure of CEO and Managing Director Thierry Delaporte caught investors off guard, leading to concerns about the company's immediate future, said an ET report. Many brokerage firms have issued sell ratings on Wipro's stock, anticipating a period of uncertainty before any potential turnaround.
A saying goes as one never gets poor booking profits. But over the last three years, the compounding effect theory has become so widespread that people are applying it even to the wrong set of stocks
Nifty IT fell over 1% on Friday following Q3 results from Accenture, which had a negative effect on Indian IT peers. Although Accenture's revenue growth met expectations, investors were concerned about the lowering of its FY23 revenue growth guidance band, which could drag on margins and pose risks to LTIM, TechM, Infosys and HCLT. With the sector still trading at a premium amidst worsening demand, Jefferies analysts have maintained a cautious stance. Nomura is concerned about the demand outlook for Indian IT services. Meanwhile, Motilal Oswal prefers TCS followed by HCL Tech and Infosys.