Wipro has support at Rs 420-425: Manghnani

Wipro has support at Rs 420-425, says Anil Manghnani, Modern Shares & Stock Brokers.

Manghnani told CNBC-TV18, "If you look at the top four, Wipro is already weak post the results but somewhere around Rs 420-425 mark it still has a lot of support." He further added, "The other two names, which had the fantastic results, even made new 52 week or life highs, HCL Technologies and TCS are still strong, the reason is what is happening is probably having a rotation within the sector where funds are probably reallocating more weightage towards TCS and HCL Technologies and probably underperforming on Infosys. So I think a switch is happening there and I think the weakness that I am looking at for the short-term is predominantly Infosys, not so much TCS and HCL Technologies." Wipro trailing 12-month (TTM) EPS was at Rs 19.33 per share. (Dec, 2010). The stock's price-to-earnings (P/E) ratio was 22.79. The latest book value of the company is Rs 70.97 per share. At current value, the price-to-book value of the company was 6.21. The dividend yield of the company was 1.36%.