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Wipro beats HCL Tech in m-cap; becomes 3rd most valued IT company in India

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Wipro share price hit Rs 486.70 apiece on BSE today, taking the company’s total market capitalisation to Rs 2.65 lakh crore. IT major Wipro has pipped HCL Technologies in terms of market capitalisation and has become the third most valued Indian IT firm. Wipro stood at 12th position in the overall ranking with a market capitalisation of Rs 2.66 lakh crore, as on April 22, according to BSE data. HCL Technologies was at the 13th position with a market capitalisation of Rs 2.60 lakh crore. Improving deal wins, strong fourth-quarter results, weakening rupee, and strong buying in defensive sectors like IT and consumer have led to Wipro outperforming its other IT peers, according to an analyst. “Technically, Rs 465-470 remains a strong support and target of Rs 515 looks highly likely in the coming weeks,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told Financial Express Online.

On the back of healthy quarter earnings for the January-March quarter of FY21, Wipro share price rose to hit a fresh 52-week of Rs 494.50 apiece on Thursday. Wipro stock was trading muted on Friday at Rs 484.85 apiece. HCL Technologies share price was up 1.14 per cent at Rs 972.10 apiece. In comparison, S&P BSE Sensex was trading 172 points or 0.36 per cent up at 48,253. According to an analyst, Wipro underperformed on revenue growth against HCL Technologies and other large IT names over the last decade.

“Recent restructuring efforts, which include simplified operating structure, step-up in capability upgrade and talent management under new leadership bode well for Wipro in the medium term,” Suyog Kulkarni, Senior Research Analyst at Reliance Securities, told Financial Express Online. Wipro has witnessed a strong acceleration in large deal wins which Kulkarni believes provides higher visibility of low double-digit revenue growth over FY22. “Additionally, Capco acquisition is likely to enhance Wipro’s BFSI vertical capabilities which will aid in large transformation deal wins. We have a buy recommendation on the stock with a 2-year target price of Rs 565 apiece,” he added.

Wipro announced its commitment to achieving Net-Zero Greenhouse Gas (GHG) emissions by 2040 in line with the objective of the Paris Agreement to cap temperature rise to 1.5°C. “Wipro, while unveiling its pledge on Earth Day, also set an intermediate target of a 55 per cent reduction in GHG emissions by 2030 in absolute emission levels compared to its base year of 2016-17 (April-March),” the press release said

(The stock recommendations in this story are by the respective research and brokerage firms. Financial Express Online does not bear any responsibility for their investment advice. Please consult your investment advisor before investing.)

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