Sell Wipro, target of Rs 379: India Infoline

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Sell Wipro, target of Rs 379: India Infoline

India Infoline has recommended a sell rating on Wipro with a target price of Rs 379. Wipro have always had attrition at the higher end of the industry band. Attrition at 18% (for Q1 FY09) is starkly higher than TCS and Infosys.

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India Infoline has recommended a sell rating on Wipro with a target price of Rs 379 in its September 22, 2008 research report. "Wipro have always had attrition at the higher end of the industry band. Attrition at 18% (for Q1 FY09) is starkly higher than TCS and Infosys. Further, the company has recently witnessed a couple of top level exits especially after the recent management reorganization. Key executives, Mr.Sudeep Banerjee, President - Enterprise Solutions, and Mr.Sudip Nandy, Chief Strategy Officer, at Wipro has quit. Given the multiple headwinds, we remain negative on Wipro with a target price of Rs 379, says India Infoline's research report.

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