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Wipro share trades flat ahead of Q2 earnings

BusinessToday.In     October 13, 2020

Wipro share price was trading flat ahead of the IT firm's Q2 earnings today. Stock of Wipro rose to Rs 378 in early trade against previous close of  Rs 377 on BSE. The stock has fallen after 4 days. Wipro share trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Wipro share has gained 56.74% in one year and 52.53% since the beginning of this year.

In a month, the share has gained 28.02%. Total 7.06 lakh shares changed hands amounting to turnover of Rs 26.54 crore on BSE. Market cap of the firm stood at Rs 2.14 lakh crore.

On October 12, the share hit its all-time high of Rs 379.70 on BSE. The board of IT firm will also consider a share buyback today. Wipro's share buyback announcement comes after its peer Tata Consultancy Services cleared an up to Rs 16,000-crore buyback plan on October 7.

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Brokerage Sharekhan expects the IT firm to post 3.5% dollar revenue growth for the quarter ended September 30, 2020. It also sees a 9% growth in consolidated profit of the firm.

"We expect constant revenue growth of 2 percent QoQ and cross-currency tailwind of around 150 bps. In USD terms, we expect revenue to grow by 3.5 percent QoQ. Growth is expected to be driven by large deal wins, easing of supply-side constraints, and recovery in consumer, technology, communication, and healthcare verticals," said Sharekhan.

HDFC Securities sees Wipro posting a 0.1 per cent YoY decline in net profit, while net sales in US dollar terms may fall 5.3 per cent.

Brokerage Motilal Oswal expects the IT firm to report a 4.1 per cent decline in September quarter net profit from a year ago, while it may have risen 1.8 per cent from the quarter before.

In first quarter of current fiscal, Wipro reported a consolidated net profit of Rs 2,390 crore against Rs 2,388 crore in the same period last year. On a quarter-on-quarter basis, profit rose 2.8 per cent from Rs 2,326 crore in March quarter of FY20.

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