Wipro hits fresh 52-week low

Wipro shares hit their fresh 52-week low of Rs 613 in Friday’s trade on the Bombay Stock Exchange. According to Thomson Reuters data, a block deal of 1.73 lakh shares changed hands at Rs 500.30 on the BSE on Friday. At 3.00 pm, shares of Wipro were trading 2.91 per cent down at Rs 490.40. The scrip opened the day at Rs 504.90 and has touched a high and low of Rs 506.35 and Rs 488, respectively, in trade so far. Benchmark Sensex was trading 59.72 points down at 27,776.19.

According to StarMine data, 16 of 47 analysts covering Wipro have ‘sell’ or ‘strong sell’ rating, compared with 13 ‘buy’ or ‘strong buy’ ratings, while 18 analysts have ‘hold’ ratings.

For the quarter ended June 30, 2016, Wipro reported a consolidated net profit of Rs 2051.90 crore, down 8.19 per cent, against Rs 2235 crore in the sequential quarter ended March 31, 2016. Consolidated gross sales of the company slid marginally by 0.24 per cent quarter-on-quarer to Rs 13599.20 crore from Rs 13632.40 crore for the quarter ended March 31, 2016.

On a standalone basis, the company reported a net profit of Rs 2007.70 crore, up 2.20 per cent, against Rs 1964.40 crore in the same quarter last year. Operating profit of the company jumped marginally by 1.05 per cent quarter-on-quarter to Rs 2965.90.

In the past one year, shares of Wipro slipped by 6.78 per cent to Rs 505.10 till August 25, wheras BSE Sensex gained 6.93 per cent during the same period.

Wipro Technologies (Wipro Ltd)