Rajesh Agarwal, Director - Research of Eastern Financiers told CNBC-TV18, "It would be prudent to book profit in Wipro at this level, because although the numbers were better than expected, but it is a laggard when one compares to other front-line IT stocks like Tata Consultancy Services (TCS) or other companies. Even on valuation parameters it is trading at 17 times FY14 earnings which leaves very little scope for appreciation."
"It will be better to book profits around Rs 500 odd levels. If one wants to be in a tech company, Tech Mahindra or HCL Technologies would be a better bet," he said. Also Read: Wipro sees Q3 IT services revenue in range of $1660-$1690mDiscover 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!
