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Wipro – Journey to catch up with peers has just begun; buy for long-term rewards

Albeit the rally, Wipro still trades at a discount to its best in class peers and could close the gap should the CEO walk the talk.

October 14, 2020 / 02:18 PM IST
Wipro – Journey to catch up with peers has just begun; buy for long-term rewards

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

In July, we had recommended Wipro (CMP: Rs 376, Market Cap: Rs 214,739 crore), at a price of Rs 225, as a probable turnaround candidate, banking on a new CEO amid strong tailwinds for technology. Our call has gone well for investors, with the stock generating a return of 67 per cent in the past three months, outperforming the Nifty return of 12 per cent and the IT Index return of 44 per cent. The progress so far is encouraging...

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