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Wipro shares up 1% ahead of T2fy22 results announcement

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Wipro shares jumped nearly 1% on Wednesday as the IT company prepares to report second quarter FY22 earnings.

At the time of this writing, the stock was trading 0.7% or Rs 4 higher at Rs 663 on BSE. On the National Stock Exchange (NSE), the stock jumped nearly Rs 5 to Rs 663. The stock closed at Rs 659 on Tuesday.

Shares of Wipro have jumped more than 75 percent in the past year, while Infosys has jumped 45 percent and TCS has jumped 30 percent.

Wipro performance last year

Over the past three months, shares of Wipro have jumped over 25%, Infosys by 10% and Mindtree by more than 70%. Over the past six months, Mindtree has had the highest returns, over 100%, while Wipro is at 55% and Infosys at 20%.

The Street expects Wipro’s constant currency revenue growth to increase 7% sequentially, at the high end of its guided band. This growth will be driven by its acquisition of Capco (a global business and technology management consultancy) and Ampion (provider of cybersecurity, DevOps and engineering services). However, Street expects Wipro’s organic revenue growth to be less than 3.5%.

Other IT companies – Infosys and Mindtree – are also expected to announce their quarterly figures today – a major reason for the advancement of the IT package on Wednesday. At the time of writing, Nifty IT was trading over half a percent higher at 35,066.

Mindtree, of the mid-cap IT space, jumped nearly 1.5% today, trading at Rs 4,330. Tech Mahindra was another big winner of the bunch, rising over 1% , followed by Infosys, also by more than 1%.

First publication: STI

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