There is a selling environment in the stock market once again on Friday. However, there is buying in the IT index. The IT index is up by 1%, which is being led by the growth of Wipro. Wipro's share price is trading at a gain of 3% on Friday. After Wipro, Tech Mahindra's contribution is seen in the growth of the IT index. Tech Mahindra's shares are up by 2%.
After the elections in the US, it is believed that the Indian IT industry may get some big projects. Wipro has some big US clients, the effect of which can be seen in the coming days. Wipro has big US clients like Lewis Partners, US Communication Service Providers, and Tapestry. In June also, Wipro got a contract of $ 500 million from US Communication Service Providers.
Shares of Wipro Ltd rose nearly 3% to Rs 578.8 in Friday's trading session. This happened after reports of two block deals on the counter. In the market block deal, 8.5 crore equity shares of Wipro were transacted, in which the promoters may have been the sellers.
According to Wipro's shareholding pattern available on Trendline, as of the September quarter of FY 2025, foreign institutional investors held a 7.27% stake in the company, while promoters held 72.8% and mutual funds held about 4.15%.
Wipro reported a 21% rise in net profit in Q2 FY25 to Rs 3,209 crore from Rs 2,646 crore in the same period a year ago. Wipro also announced the issuance of bonus shares in a ratio of 1:1.
Operating revenue for the quarter stood at Rs 22,302 crore, marginally lower than Rs 22,516 crore in the same quarter of the previous fiscal.
Wipro reported that its total bookings during the quarter were $3.56 billion. Bulk deal bookings stood at $1.49 billion, up 28.8% quarter-on-quarter and 16.8% in constant currency.
Wipro's IT Services operating margin for the quarter was 16.8%, up 0.3% quarter-on-quarter and 0.7% year-on-year. Earnings per share for the quarter were Rs 6.14 ($0.071), up 6.8% quarter-on-quarter and 21.3% year-on-year.
Analysts recommend buying Wipro shares, according to Trendline data. The stock has given a return of 50% in the last one year. The stock has gained 10% in the last one month.
Wipro stock price is higher than the simple moving average (SMA) of 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day.
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