Buy Wipro With Stop Loss Of Rs 410
Stock market analyst Rahul Mohinder has maintained 'buy' rating on Wipro stock with target of Rs 425-430.
According to analyst, the investors can buy the stock with stop loss of Rs 410.
Today, the stock of the bank opened at Rs 416 on the Bombay Stock Exchange (BSE).
Current EPS & P/E ratio stood at 18.82 and 21.89 respectively.
The share price has seen a 52-week high of Rs 451.80 and a low of Rs 277.26 on BSE.
Wipro witnessed an increase of 31% in its net profit, which stood at Rs 1,319 crore during the quarter ended June 30 as compared to Rs 1,010 crore during the same period of last year.
Wipro's net income from sales grew by 16% to Rs 7,236 crore, and its IT services proceeds increased by 14% to Rs 5,500 crore.
For the second quarter, the company eyes income from IT services to be in the range of $1,253 million and $1,277 million, a successive growth of 4.1% to 6.1%.
"We are seeing traction; decision-making is on. We are now seeing reasonably sound indications that discretionary spending is back," Mr Premji said. "We are not having any measure of concern."