Global brokerages remained bearish on the stock and said the company may not be able to achieve FY20 revenue target given weak start to earnings
Wipro shares rallied 3 percent intraday on July 18 despite global brokerages remained bearish on the stock and slashed price target after subdued growth in Q1FY20, as operating profit margin in Q1 beat analyst estimates.
The stock has rallied 26 percent in the last one year. It was quoting at Rs 268.00, up Rs 8.30, or 3.20 percent on the BSE at 1014 hours IST.
The IT company's IT services business missed analyst expectations falling 1.6 percent sequentially to Rs 14,351.4 crore.
IT services revenue in dollar terms fell 1.76 percent sequentially to $2,038.8 million in Q1FY20 while after adjustment with respect to divestment, dollar revenue fell 1.3 percent and constant currency revenue skid 0.7 percent QoQ.
On guidance front, the IT company expects IT services dollar revenue in the range of $2,039-2,080 million for July-September quarter, a growth of 0-2 percent over June quarter which is slightly below street estimates.
Global brokerages remained bearish on the stock and said the company may not be able to achieve FY20 revenue target given weak start to earnings.
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