Wipro’s market value crosses Rs 4 lakh crore, third IT company to achieve this feat

Many brokerage firms have increased their target price for Wipro

Veteran Indian IT company Wipro has crossed Rs 4 lakh crore i.e. 4 trillion during the business on Thursday. Wipro is the third IT company and the 13th listed company in India to achieve this feat. Wipro’s Q2 results have been better than market expectations. Due to this, there has been a huge jump in Wipro’s shares on Thursday, due to which its market value has reached Rs 4 lakh crore.

Many brokerage firms have increased their target prices for the company. Around one o’clock in the afternoon, the stock of Wipro was trading at Rs 730 per share with a jump of 8.4% on the BSE.

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Before Wipro, the 12 Indian listed companies whose market value is more than 4 lakh crores are Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, Hindustan Unilever Ltd., Infosys, HDFC Ltd., ICICI Bank, Bajaj Finance, ITC, Kotak. Mahindra Bank and Bharti Airtel.

Wipro on Wednesday reported that its net profit grew 19% to Rs 2,931 crore in the second quarter. Its income, on the other hand, grew 30% year-on-year to Rs 19,667 crore. Wipro also said that it expects earnings growth of 2-4% in the December quarter.

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Buoyed by the good results of Wipro, several brokerage houses have raised their target prices for the company’s stock. BoB Capital Markets has lowered its target price for the stock to Rs 840. Apart from this, Motilal Oswal and Axis Capital have also increased the target price of Wipro.

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