Wipro's market value: Today, the stock fell 4.24 percent, reaching a low of Rs 479.45 for the day. At Rs 488.25, it was last seen trading 2.49 percent lower. The share has increased 16.62 percent over the previous six months and 2.32 percent year to date (YTD) at this price.
In line with other Indian IT firms, Wipro Ltd.'s shares saw a steep decline on Friday following Accenture, a US software giant, lowering its fiscal 2024 sales prediction. Given that its performance indicates how its clients in important Western countries are doing, which is crucial to their cash flow, Accenture is frequently seen as the barometer for the Indian IT industry.
Today, the stock fell 4.24 percent, reaching a low of Rs 479.45 for the day. At Rs 488.25, it was last seen trading 2.49 percent lower. The share has increased by 16.62 percent over the last six months and by 2.32 percent year to date (YTD) at this pricing. The counter's technical setup support was valued at Rs 483. Resistance can be detected in the vicinity of Rs 500.
"The stock looked weak on daily charts and may slip towards Rs 460 level," stated Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking. There will be resistance at Rs 492."
"Wipro looks slightly bearish on daily charts with strong resistance at Rs 502," says AR Ramachandran of Tips2trades. The short-term target of Rs 455 could be reached if the daily close falls below the support level of Rs 483.
While the counter was trading higher than the 100-day, 150-day, and 200-day SMAs, it was trading lower than the 5-day, 10-, 20-, 30-day, and 50-day SMAs. The relative strength index (RSI) for the counter after 14 days was 38.18. Oversold is defined as a level below 30, and overbought is defined as a value beyond 70.
In comparison to the price-to-book (P/B) ratio of 4.89, the company's stock has a price-to-equity (P/E) ratio of 29.27. The company reported 17.10 earnings per share (EPS) and 16.69 return on equity.
Approximately 5.08 lakh shares were last seen trading on the BSE today. The amount exceeded the 2.30 lakh share two-week average volume. With a market capitalization (m-cap) of Rs 2,54,535.52 crore, the counter saw turnover of Rs 24.63 crore.
Separately, the IT company announced lately that it has reached a deal with General Motors and Magna International to incorporate a new company, SDVerse LLC, through its step-down subsidiary, Wipro IT Services LLC.
Previously, Capco's CEO was appointed by Wipro to be Anne-Marie Rowland. Rowland will join the Wipro executive committee (WEC) and report to Thierry Delaporte, the company's managing director and CEO. Wipro-owned Capco is a multinational technology and management consulting firm that specializes in the energy and financial services sectors.
