Infosys performed better than HCL Technologies (HCL Tech), TCS and Wipro, but none of the four stocks could see a sharp upward revision in price targets. This is even as the IT scrip are down up to 47 per cent year-to-date.
Shares of IT major Wipro below the Rs 400 mark today after the IT firm gave out a weak 3QFY23 revenue growth guidance during its Q2 earnings. A 9 per cent fall in the September quarter profit also dented investor sentiment. Net profit fell to Rs 2,659 crore in the September quarter compared with Rs 2,930.70 crore in the corresponding quarter last year. Subsequently, Wipro stock tumbled 6.01 per cent to Rs 383.25 against the previous close of Rs 407.75 on BSE. Wipro shares have lost 48 per cent from their 52-week high in comparison to the current market price.
Shares of IT major Wipro fell 6 per cent in early trade today after the firm reported a 9.27 per cent year-on-year (YoY) fall in net profit for the quarter ended September. Wipro stock tumbled 5.97 per cent to Rs 383.40 against the previous close of Rs 407.75 on BSE. Wipro shares have lost 48 per cent from their 52-week high in comparison to the current market price.
Shares of Wipro have fallen 44 per cent from their 52-week high in 11 months. The stock of the IT firm hit its 52-week high on October 14, 2021 and fell to 52-week low on July 15, 2022. The IT sector stock closed at Rs 416.25 in the previous session, down 0.28 per cent against the previous close of Rs 416.25. Wipro shares have lost 43.89 per cent from its 52-week high in comparison to the previous closing level.