Wipro Q1 FY18 earnings beat expectations but guidance disappointed the street- the board has also approved a Rs 11,000 crore buyback.
In an interview to CNBC-TV18, Sandip Agarwal of Edelweiss Financial Services shared his readings and outlook on the same.
IT industry is undergoing transition and it will take six-eight quarters. We will have to deal with 6-7 percent growth for the industry for all the players, he said.
Don’t see any threat on margins in the industry for any specific players ex-currency, he added.
The stock is fairly valued but expect some spike in the stock due to buyback, 5-7 percent move can happen, said Agarwal.
For Wipro, Rs 290 is the target price, he said.
We prefer Infosys, Tech Mahindra, Wipro and then Tata Consultancy Services (TCS), he further mentioned.
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