The revenue from operations is expected to decline both on a year-on-year and quarter-on-quarter basis, Nuvama said. The revenue for the October-December quarter is likely to be Rs 22,010.70 crore, down 5.2% from Rs 23,229 crore in Q3FY23.
The IT stock, which is a part of the S&P BSE Sensex, rose from Rs 400 as on November 22 to Rs 462 recorded on December 22, which translates into an upside of over 15% in a month. The stock underwent a brief period of consolidation from June to December when it moved in a 100-point range where Rs 450 acted as a stiff resistance while on the downside Rs 350 acted as strong support on the weekly charts.
The IT player, which is a part of the S&P BSE Sensex, had witnessed a breakdown in 2022. The stock slipped below the crucial short- and long-term moving averages last year but found support in March, when it hit a low of Rs 351. The stock has since then rallied by about 26%
Motilal Oswal expects Wipro s full year FY24 organic growth to be among the lowest among tier-1 IT services peers after reporting weak first quarter earnings and muted second quarter guidance.
After a soft June quarter, which usually is the strongest for the IT industry, analysts expect Wipro to give a muted guidance for the September quarter.