Nomura upgrades India's Wipro to 'buy' on outlook

Nomura upgrades India's Wipro Ltd to "buy" from "neutral" and raises its target price to Rs 490 from Rs 390.

The investment bank cites expectation for "an imminent" turnaround in growth on the back of an increase in its deal pipeline and a more stable outlook for U.S. demand.

Valuations discounts versus rivals Infosys Ltd and Tata Consultancy Services Ltd also turn risk reward more favourable, Nomura says.