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Wipro share price jumps after strong Q2 results; should you buy or sell stock?
Posted on 16th October 2019
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. Analysts on an average were expecting the company to earn profit of Rs 2,273 crore, according to Refinitiv data. The revenue stood at Rs 15,125.6 crore for the quarter, marking a rise of 2.78 per cent compared to Rs 14,716.10 crore the previous quarter.

Taking stock of the reported results, Nomura said that the outlook on BFSI/ Retail looks weak, and improvement in Healthcare and Manufacturing seems some time away. Nomura noted that the growth is expected to lag larger peers. The global firm has maintained a reduce rating on the stock with a target price of Rs 235.

Morgan Stanley said that Wipro’s organic revenue growth guidance of 0.5%- 2.5% for Q3, is softer than its estimates. Wipro is likely to sustain lower P/E multiple. “We trim FY20-22 revenue estimates by 2-5% to reflect weak revenue growth. Morgan Stanley has an underweight rating on the stock with a target price of Rs 230, from Rs 240 earlier.

“We had a good in-quarter execution on both revenues and margins. The overall growth was broad based with 6 out of 7 industry verticals growing on a year-on-year basis and we signed a large deal in India aligned to our strategy of taking global offerings to India customers,” said Abidali Z Neemuchwala, CEO and managing director, Wipro said.

Related Companies: Wipro Technologies (Wipro Ltd)   

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ICICI Bank shares gain 3% after setting floor price for QIP issue
Posted on 11th August 2020
Shares of ICICI Bank gained as much as 3 per cent to Rs 374.15 on the BSE on Tuesday after the private lender launched its qualified institutional placement (QIP), setting the floor price at Rs 351.36 per share.

The bank plans to raise up to Rs 15,000 crore to support business growth and create a buffer to absorb any shock from the economic disruption caused by the coronavirus pandemic.

Axis Bank raises Rs 10,000 cr via allotment of equity shares to QIBs
Posted on 11th August 2020
Private sector lender Axis Bank on Tuesday said it has raised Rs 10,000 crore through allotment of equity shares to qualified institutional buyers (QIB).

Last week, Axis Bank had set a floor price of Rs 442.19 per equity share for its proposed Rs 15,000-crore qualified institutional placement (QIP).

JSW Steel production rises 9% in July at 1.2 million tonnes
Posted on 11th August 2020
JSW Steel, the flagship business of 12 billion dollar JSW Group, on Tuesday reported crude steel production of 12.46 lakh tonnes in July, up 9 per cent from 11.44 lakh tonnes in the previous month.

In July last year, however, it had recorded crude steel production of 13.17 lakh tonnes, it said in a statement. The average capacity utilisation was 83 per cent as against 76 per cent in June.

Hyundai Creta's sales milestone, crosses 500,000 mark in domestic market
Posted on 11th August 2020
Hyundai Creta's sales number has touched 5,00,000-mark in the domestic market, the company announced on Tuesday.

Hyundai Creta has been the blockbuster model in the Indian Automobile industry ever since its launch in 2015. Redefining the SUV landscape in India, Creta’s supremacy transpires from Hyundai’s technological prowess and innovation, outperforming the industry benchmarks in all aspects, said Tarun Garg, Director (Sales, Marketing & Service), Hyundai Motor India Ltd.

Dr Reddy's Laboratories launches drug to treat infections in US market
Posted on 11th August 2020
Dr Reddys Laboratories Ltd on Tuesday announced the launch of a generic version of Ciprodex (ciprofloxacin 0.3% and dexamethasone 0.1%) Otic Suspension in the American market, following approval from the US Food and Drug Administration (USFDA).

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