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Buy Wipro, target of Rs 358: Karvy
Karvy Stock Broking has downgraded its rating on Wipro from an outpeformer to buy with a target of Rs 358. The research firm expects Q2FY09 overall revenues to grow by 9.9%.
Karvy Stock Broking has downgraded its rating on Wipro from an outpeformer to buy with a target of Rs 358 in it October 16, 2008 research report. We for Q2FY09, expect its global IT revenues to breach to USD 1.09 billion, which in INR terms works out to sequential growth of 10% and the overall revenues to grow by 9.9%, as we expect its other revenue streams to perform better than the previous quarter."
"As we expect the treasury loss to be to the tune of Rs 745 million, its other income would be negative, as it has a forex cover to the tune of USD 2.2 billion. Even after factoring for higher effective tax rate,the net profit would increase by 6.3% As the stock as come off significantly, we are upgrading the stock from an outpeformer to BUY,target of Rs 358" says Karvy Stock Broking's research report.
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