Shares of IT major Wipro Ltd ended on a flat note today despite the firm announcing that it would reshuffle its management and business units under four broad categories starting April 1 amid macroeconomic uncertainties and changing client needs. Wipro stock closed 0.83 percent lower at Rs 387.05 against the previous close of Rs 390.30 on BSE. The stock has been falling for the last six sessions. It stands 4.01% away from the 52-week low of Rs 372.4 on BSE.
Wipro stock touched an intraday low of Rs 385.80 on BSE today. Wipro shares have declined 30.37% in the last one year and fallen 1.46% this year.
Market cap of Wipro fell to Rs 2.12 lakh crore on BSE today. Total 2.41 lakh shares of the firm changed hands amounting to a turnover of Rs 9.40 crore on BSE. Market cap of the firm fell to Rs 2.12 lakh crore on BSE.
In terms of technicals, the relative strength index (RSI) of the stock stands at 37.9, signaling the stock is neither oversold nor overbought. Wipro has a one-year beta of 1, indicating average volatility during the period. Wipro shares are trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Meanwhile, Morgan Stanley has maintained ‘underweight’ rating on Wipro with a target of Rs 375 per share. The brokerage said in the last 2.5 years, the company has seen a considerable organic & inorganic growth.
Earlier, the company’s business was broadly divided under iCORE, including cloud, cybersecurity and digital operations, and iDEAS, focussing on engineering, application services, etc. Under the new model, Wipro’s business will have four broad categories, termed as global business lines (GBLs) by the company.
The four new GBLs will be focusing on cloud, consulting, engineering, and enterprise technologies. Each of these GBLs will also have a Global Head who will report to CEO and MD Thierry Delaporte.
In Q3 of the current fiscal, Wipro reported a 2.8 per cent year-on-year (YoY) rise in net profit at Rs 3,052.90 crore compared with Rs 2,969 crore in the same quarter last year. Revenue for the quarter came in at Rs 23,229 crore, up 14.35 per cent over Rs 20,313.60 crore in the same quarter last year. The IT major guided for a 11.5-12.0 per cent growth in IT Services revenues in constant currency terms (CC).
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