Shares of Wipro surged 13 percent in intra-day deals today to hit a fresh 52-week high of ₹526.45 as the company s December quarter earnings beat estimates even though it reported a decline in its net profit for the December quarter (Q3FY24).
Wipro s 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.
Wipro s shares surged 10% to reach a 52-week high of Rs 511.95 after the release of its Q3 results. The company s 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 . Wipro s Q4 growth guidance and continued headcount declines are concerning for the company. However, the company s sustainability and improved demand commentary are encouraging factors.
Wipro Q3 Results Live Updates: Wipro will likely post another weak quarter for the three months-ended December given higher than usual furloughs and weak demand environment. Read Here