Shares of information technology (IT) companies rallied by up to 14 per cent on the National Stock Exchange (NSE) on Friday after Accenture reported a better-than-consensus Q2 performance. Meanwhile, the Rupee hit a new low on Thursday, falling below 75 against the US dollar for the first time.
Tata Consultancy Services (TCS), HCL Technologies, Wipro, MindTree, and NIIT Technologies gained in the range of 10 per cent to 14 per cent on the NSE as investors indulged in some value-buying as valuations turned attractive after the recent fall in stock prices.
Shares of information technology (IT) companies were under pressure on Wednesday with sector giant Tata Consultancy Services (TCS) and Wipro hitting their respective 52-week lows on the National Stock Exchange (NSE) in the early morning trade on concerns over potential impact from COVID-19 (Coronavirus).
Nifty IT index, the top loser among the key sectoral indices, too hit its 52-week low of 14,356, down 3.4 per cent on the NSE. The index was at its lowest level since January 15, 2019, when it had touched 14,262 points in the intra-day trade.
Wipro slipped over 2 per cent in the morning trade on Friday after the company announced that Chief Executive Officer (CEO) and Managing Director (MD) Abidali Z Neemuchwala has decided to step down due to family commitments.
Neemuchwala, 52, is leaving due to family commitments and will continue to hold office until a successor is appointed, said Wipro in a regulatory filing.
Shares of information technology (IT) services were trading in the red in the early trade on Tuesday as the rupee hit around one month-high against the US dollar. The domestic currency opened at 70.96 against Monday's close of 71.04.
At 09:51 am, the Nifty IT index was trading over a per cent lower at 14,977 levels with all the 10 constituents in the negative territory.
Wipro Consumer Care and Lighting hopes that the recent good monsoon would revive rural demand in the FMCG sector, which has been subdued due to factors like demonetisation, GST implementation, NBFC crisis and stressed bank assets.
Anil Chugh, chief executive of Wipro’s consumer care business, India, said their soap brand, Santoor, has a strong presence in the rural market.
Shares of India’s major IT giant Wipro gained on Wednesday morning after the firm reported robust Q2 results. Wipro share price jumped more than 3.29% to hit the day’s high at Rs 251.80 on BSE. Wipro on Tuesday reported a 35% on-year jump in net profit to Rs 2,552 crore in the second quarter of the ongoing fiscal as compared to Rs 1,889 crore in the corresponding period previous fiscal. The software exporter recorded better-than-expected results amid global spending squeeze among its clients.
Wipro Consumer Care and Lighting has set up a venture fund to invest in start-ups in the consumer brands space with India and South East Asia being focus markets. The ‘Wipro Consumer Care – Ventures’ will focus on companies with a differentiated approach where both parties can learn by leveraging their strengths and add value to each other.
The story at Wipro Ltd in recent years has been a series of false starts. Even as revenue growth for its larger peers, Tata Consultancy Services Ltd (TCS) and Infosys Ltd, accelerated, Wipro lagged. But one metric where the company is scoring is cash conversion.
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