UBS raised its ratings on Wipro to "buy" from "sell", saying revenue momentum will start picking up from the October-December quarter, while a cyclical recovery could help speed up a recovery in the software services exporting sector.
UBS raised its ratings on Wipro
UBS also raised its 12-month price target to Rs 510 from Rs 340.
The company is set to announce its results for the October-December quarter of 2012 on Friday morning. Its rivals Infosys, TCS and HCL Tech have already reported their numbers, which were better than forecast on every parameter.
Shares rose 2.13 percent to Rs 429 at 9:49 hours IST on Bombay Stock Exchange. The stock gained nearly 16 percent in last one month and 22 percent in three months.
(With inputs from Reuters)
Wipro stock price
On July 14, 2014, Wipro closed at Rs 540.45, down Rs 12.1, or 2.19 percent. The 52-week high of the share was Rs 610.50 and the 52-week low was Rs 368.70.
The company's trailing 12-month (TTM) EPS was at Rs 29.68 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 18.21. The latest book value of the company is Rs 118.98 per share. At current value, the price-to-book value of the company is 4.54.
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