Wipro hits new high, rallies 8% on strong revenue growth in Sept quarter

Motilal Oswal maintains a 'Neutral' stance on the stock and awaits further evidence of execution of Wipro's refreshed strategy, & successful turnaround from its growth struggles over the last decade

Shares of Wipro hit a new high of Rs 723.65 on the BSE on Thursday after they rallied 8 per cent in the intra-day trade on the back of a strong 8.1 per cent quarter on quarter (QoQ) revenue growth in IT Services in the July-September quarter (Q2FY22). The stock surpassed its previous high of Rs 698.95 touched on September 24, 2021.

In rupee terms, the technology services firm's consolidated revenue grew 7.7 sequentially at Rs 19,667 crore. However, its profit fell 9.6 per cent QoQ at Rs 2,931 crore because of higher amortisation cost on the Capco acquisition and