Wipro can go upto Rs 440-450: Rajesh Agarwal

Rajesh Agarwal, Head of Research, Eastern Financiers Limited is of the view that Wipro can go upto Rs 440-450.

Agarwal told CNBC-TV18, “I think for Wipro one can get a price target of Rs 440-450 in the next one year or so. Short term seems to be little muted because given the current global scenario especially in the European side I think there would be pressure on the IT sector as a whole for getting new orders, price competitiveness and all those things. Even the numbers this quarter we feel would be very muted with around 7% growth in topline and 10-11% in bottomline. The only positive factor is we feel that Wipro is going to benefit from the currency fluctuations.”
He further added, “The promoters holding is too huge around 78%, institution holds around 10% and that leaves very low liquidity in the market. One can continue holding this stock for the next 9-12 months for the price target of Rs 430-440 but for the short term we feel there would be pressure on the price and it might go down to maybe at levels of Rs 360. So, that’s the take if you have a very short term time horizon you can get out of the stock or buy around Rs 360 for a target of Rs 440 in the next one year.”