Wipro., incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 220787.33 Crore) operating in IT Software sector.

Price rebound after taking support at 61.8% retracement of previous up move signaling supportive efforts at lower levels.

While TCS reported strong numbers for the December quarter, it wasnt good enough to entice investors as risks to earnings growth persists amid the macroeconomic slowdown in Europe and US.

Earlier today, NITES had stated that it 'strongly condemns the unethical layoffs done by Wipro' and will be submitting a complaint to the labour department for an inquiry.

The Nascent Information Technology Employees Senate (NITES), a union of IT employees, said that it 'strongly condemns the unethical layoffs done by Wipro'

In the termination letter that was sent by Wipro to the affected employees, the company said the freshers were supposed to cough up the Rs 75,000 that the company spent on their training programme, but the amount has been waived off.

Revenue from both the U.S. and Europe, which account for about 80% of the company's total revenue rose in the third quarter, despite rising concerns over growth and tech spending in export markets, especially Europe.

A sharp slowdown in net hiring, muted growth outlook in 4Q and a potentially slower conversion of bookings to revenues points to a sharp growth moderation for Indian IT firms. However, falling attrition and ongoing improvement in the employee pyramid should support margin recovery

The NSE Nifty index closed 158.45 points up at 18053.3

The prevailing supply-side constraints pose uncertainties over the companys short-term growth rates.

ICICI Direct is bullish on Wipro recommended buy rating on the stock with a target price of Rs 455 in its research report dated January 14, 2023.

Motilal Oswal recommended Neutral rating on Wipro with a target price of Rs 380 in its research report dated January 15, 2023.

Sharekhan recommended Hold rating on Wipro with a target price of Rs 420 in its research report dated January 13, 2023.

"Wipro has a considerable exposure on the energy side when it comes to its analysis from a vertical point of view and that has not yet turned stable. I would say what the investors look for in the stocks is the momentum gathering up in terms of top line through deal wins."

Emkay Global Financial is bullish on Wipro has recommended buy rating on the stock with a target price of Rs 470 in its research report dated January 14, 2023.

YES Securities recommended Neutral rating on Wipro with a target price of Rs 432 in its research report dated January 15, 2023.

Brokerages said Wipro's revenue growth of 0.6% QoQ CC was below Street estimates while EBIT margin uptick of 120 bps QoQ to 16.3% was a positive surprise.

The brokerage slashes its earnings by <1% for FY23E-25E post Q3 performance.

Wipro, incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 217940.57 Crore) operating in IT Software sector.

Motilal Oswal maintains its Neutral stance as it views the current valuation as fair. The brokerage's TP implies 16x FY24E EPS.

Morgan Stanley downgraded Avenue Supermarts (D-Mart) to Equal-weight post December quarter results with a target price of Rs 3853.

It is trading within its all-important moving averages. On the higher time frame, there is a long consolidation and is trying to bottom the structure, which suggests much more upside potential in this counter.

Wipro has posted consolidated revenue from operations at Rs 23,229 crore, up 14.35 percent against Rs 20,313.6 crore, YoY.

Overall, the revenue growth band of the top-tier IT players was pegged at between 14-20 per cent for Q3FY23, compared to the year ago period. Seen sequentially, the topline growth for the large IT pack ranged between three per cent and eight per cent versus previous September quarter.

Overall, the experts expect that Indian equities will continue to consolidate in the coming week with focus largely on corporate earnings and global cues

On clients moving away from discretionary spends, CEO Thierry Delaporte added that the macro uncertainty drives a “certain level of volatility”, and on that front, there is a lag in conversion.

Wipro won deals worth $4.3 billion in the quarter, up by 26% YoY, with large deal bookings rising by 69% YoY. The growth in large deal booking was much stronger than the 24% growth reported for the September quarter.

“Our top pick would remain Infosys which we have been bullish on since the last two-three quarters. Within the IT pack, we like Infosys only and last quarter we upgraded HCL Tech from hold to buy. The second bet would be HCL Tech. We have a buy on Wipro but after this commentary, we would able to come out with details in terms of whether we will maintain the positive stance”

“Payment of interim dividend of Rs. 1/- per equity share of par value Rs. 2/- each to the Members of the Company as on January 25, 2023, being the Record Date. The payment of Interim Dividend will be made on or before February 10, 2023,” said the company in an exchange filing.

Voluntary attrition moderated 180 bps from the previous quarter, landing at 21.2% for the trailing 12 months for the quarter," Wipro said in its earnings release. This was the fourth quarter where the attrition rate has moderated

Consolidated revenue for the quarter increased 14.3% YoY to Rs 23,229 crore, and was tad higher than the estimated Rs 23,180 crore

Choice International: This stock held by Madhusudan Kela stock will also release its results today. The company is among the leading financial services conglomerate catering globally. In the September quarter, the companys net sales were at Rs 74.07 crore, 21% higher on a year-on-year basis.

According to a poll of brokerages, consolidated revenue might come in at Rs 23,436 crore, registering 14.7 percent year-on-year growth

Wipros peers Tata Consultancy Services and Infosys reported strong numbers for the third quarter, with the latter also raising its revenue growth guidance for the current financial year.It will be interesting to see how Wipro expects the March quarter to pan out. The software major usually gives quarterly guidance.

“We are pleased with our strong growth in a seasonally weak quarter, driven by cloud services, market share gains through vendor consolidation, and continued momentum in North America and UK,” said Rajesh Gopinathan, chief executive officer and managing director.

I think most of the forward-looking indicators are things which would be very important. So investors would be looking at the deal booking numbers and the kind of hiring intensity. I think these are couple of lead indicators that one should be looking at.