Anil Manghnani of Modern Shares & Stock Brokers feels Wipro has the potential to go back and retest its recent high of Rs 456 and maybe even higher to Rs 475.
Manghnani told CNBC-TV18, "Wipro is one of the safe ones. Post the results, the stock crashed and the way it bounced back is quite commendable. So, maybe some of the shorts have also got squeezed out over there but it is a run to safety again. Maybe not at Rs 435 but if it dips closer to Rs 425 then your stop is well defined just below the 50-day moving average (DMA) at Rs 417. This stock has the potential to go back and retest its recent high of Rs 456 and maybe even higher to Rs 475. Again it is one of those defensive stocks given the volatility and the nervousness in the market." The company's trailing 12-month (TTM) EPS was at Rs 21.49 per share. (Dec, 2012). The stock's price-to-earnings (P/E) ratio was 20.16. The latest book value of the company is Rs 98.88 per share. At current value, the price-to-book value of the company was 4.38. The dividend yield of the company was 1.38%.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
