Wipro Share Price: Shares of IT sector giant Wipro have fallen by about 45 per cent this year. IT stocks have taken a beating this year but Wipro has been overdone. Wipro shares have lost 45 per cent this year, TCS has lost around 12 per cent and Infosys has lost 18 per cent. Wipro shares closed at Rs 715.20 on the last day of last year on December 31, 2021 and is trading today at Rs 395.55 on December 12, 2022. The Sensex has gained over 5 per cent this year while the BSE IT index has lost over 22 per cent.
Over 6% recoveries from one year low
Wipro shares have lost 45 per cent this whole year. On October 17, 2022, it was at Rs 372.40, which is a record low of 52 weeks. Wipro's stock has recovered about 6 per cent from this level till now. Although it is still at a discount of more than 45 percent from the record high. On January 3, 2022, Wipro shares were at a record high of Rs 726.70.
Golden opportunity to invest in Wipro or wait now?
Domestic brokerage and research firm Hem Securities is bullish on Wipro. The brokerage firm has initiated coverage on the stock and has a buy rating on it with a target price of Rs 467 based on its September quarter results, an upside of about 18 per cent from the current price. In the September 2022 quarter, Wipro's net profit declined by 9.3 per cent year-on-year to just Rs 2659 crore, but the consolidated revenue in the same period stood at Rs 22540 crore, a jump of 14.6 per cent.
The management expects double digit growth in the current financial year and also expects market share gains in the coming quarters. According to the brokerage firm, Wipro's growth will be supported by strong demand and healthy deal pipeline. Analysts believe that it will outperform if it gets a strong deal.
Disclaimer: The advice or views expressed here are the personal views of the expert/brokerage firm. The website or management is not responsible for this. StockPro advises users to always take certified expert advice before making any investment decision.
Fill Up The Form and we will call you