Karvy Stock Broking Limited has maintained ‘Buy’ rating on Wipro stock with an intraday target of Rs 498.

According to Karvy, day traders can purchase the stock above Rs 482 with a strict stop loss of Rs 476. If the stock market remains on positive track, the next target for the day will be above Rs 500.

Shares of the company, on Friday (June 14), closed at Rs 477.85 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 234984. Current EPS and P/E stood at 20.96 and 23.28 respectively. The share price has seen a 52-week high of Rs 552 and a low of Rs 325 on BSE.

The outlook for the stock is really very strong, and it is expected to rise on the back of huge volumes.

Wipro, on June 3, has granted 50,000 ADS Restricted Stock Units with effect from Jun. 01, 2008 to an identified employee of Wipro under the ADS Restricted Stock Unit Plan 2004.

The grant of above stock options is in line with SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, as amended and as per the terms of the Stock Option Plans.

The company has entered into a pact with SAP AG to support SAP solutions.

As per the deal, Wipro has started a new Solutions Lab at its Sarjapur premises to help companies leverage industry best practices and templates on SAP’s business process platforms.
 
Moreover, the company has also decided to build custom-designed solar and other renewable energy plants by entering the green energy technology business.

Other stocks from the same sector that looks good for short-term trading includes Satyam, TCS, Infosys and HCL Tech.