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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.
While a majority of sectoral indices traded with losses, the Nifty IT index rose about 1.5 per cent in morning trade on Tuesday, March 12, with stocks such as TCS, HCL Tech, Tech Mahindra and Infosys rising 1-2 per cent.
Indian IT services sector faces challenges due to low demand, economic slowdown, and US interest rates. Uncertainty post US elections may worsen the situation, leading to downside risks for earnings in FY25 and FY26, according to Nirmal Bang Equities.
Wipro s deal TCV and pipeline will be among the key monitorables, along with the pricing and outlook on new deals. Management commentary in regard to the demand outlook of the company s consulting and mortgage businesses will also be scrutinised.