NSEShares of Bengaluru-based IT services major Wipro Ltd .
gained as much as 4% on Monday (July 1) and are the top gainers on the Nifty 50 index after global brokerage firm CLSA double upgraded the stock.The foreign brokerage has double upgraded the Wipro stock to 'Outperform' from 'Underperform'.
CLSA has also increased its price target to ₹607 from ₹431 per share earlier.The revised price target implies a potential upside of nearly 41% from last Friday's closing levels.CLSA turns positive on Wipro as it expects no further cut to its financial year 2025 guidance.
Wipro has not specified, which is the leading communication service provider which has awarded them the contract.Another brokerage Morgan Stanley had also said that the mega-deal in the US can be taken positively, especially when the discretionary spending environment still remains tight.Shares of Wipro are currently trading 3.37% higher at ₹532.20.
Despite the gain, the stock is still 3% below its recent peak of ₹545.90.
NSE
Shares of Bengaluru-based IT services major Wipro Ltd . gained as much as 4% on Monday (July 1) and are the top gainers on the Nifty 50 index after global brokerage firm CLSA double upgraded the stock.The foreign brokerage has double upgraded the Wipro stock to 'Outperform' from 'Underperform'. CLSA has also increased its price target to ₹607 from ₹431 per share earlier.The revised price target implies a potential upside of nearly 41% from last Friday's closing levels.CLSA turns positive on Wipro as it expects no further cut to its financial year 2025 guidance. The brokerage also expects a revenue growth guidance of 0-2% in constant currency during the second quarter of FY25.Wipro's discretionary demand are stabilising, CLSA added.The brokerage highlighted that Wipro surprised positively by announcing a $500 million deal this quarter.In an exchange filing last month, Wipro had said that a leading US communication services provider has awarded a contract to the company for managed services for some products and industry specific solutions.The $500 million deal is expected to be spread over a period of five years. Wipro has not specified, which is the leading communication service provider which has awarded them the contract.Another brokerage Morgan Stanley had also said that the mega-deal in the US can be taken positively, especially when the discretionary spending environment still remains tight.Shares of Wipro are currently trading 3.37% higher at ₹532.20. Despite the gain, the stock is still 3% below its recent peak of ₹545.90.
