The IT services major Wipro has decided to give wage hikes to junior employees with effect from January 1, 2021. The Bengaluru-based company has also rolled out promotions for high performers for employees in up to a certain band, effective December 1, 2020.
Axis Securities sees an upside of 21% percent in the stock in the coming 12 to 18 months with a target price of Rs 432. The brokerage recommends a ‘Buy’ rating.
The share of Wipro Ltd. last closed at Rs 363.70. It reached a 52 week high of Rs 381.70. The company’s stock has rallied about 70 percent since the appointment of Thierry Delaporte, as its new CEO, most among India’s four largest outsourcing firms during that period. It’s a rare victory for Wipro, but one the veteran of France’s Capgemini SE is determined won’t be it’s last. He hopes to get Wipro back on track after years of tumult and stagnating financials.
“There’s a particular momentum in the industry just now, and I want to drive that urgency to put Wipro back where it belongs,” said Delaporte.
For the quarter ended 30/09/2020, the company reported a Consolidated sales of Rs 15114.50 Crore, up 1.35 percent from last quarter Sales of Rs 14913.10 Crore. The company reported net profit after tax of Rs 2485.00 Crore in the latest quarter. Wipro has also announced a 100 percent variable pay linked to business metrics for all employees for both the third and fourth quarter of the FY 2020-21. In the last one year, the share has gained 50 percent. The share is up by 28 percent in the last three months.