Buy Wipro: Angel Broking

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Angel Broking has maintained its buy rating on Wipro in its December 10, 2008 research report. "Security solutions provider McAfee Inc has announced a global alliance with Wipro Technologies. Under the alliance, Wipro would resell McAfee's products globally and also be a managed security services partner. The market for managed security systems is estimated to be over USD 3 billion and is growing at 15% annually. As part of the alliance, Wipro has set up a Centre of Excellence for McAfee to enhance the competencies of over 300 consultants a year across the McAfee product portfolio. In related news, Wipro Infotech, the India and Middle East IT business of Wipro, has launched the disaster recovery assurance service to achieve quicker through automated processes. We maintain a Buy on the stock, however, with the caveat that in the short-term, given the worsening global business environment, medium-term stock performance is likely to be muted," says Angel's research report.

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