Wipro Ltd shares traded higher in Wednesday trade, rising 3.41 per cent to hit a day high of Rs 308.50. At this price, the stock was just 3.57 per cent away from its one-year high level of Rs 319.95, seen on December 20 last year.
In terms of earnings, the IT firm posted a 24.48 per cent rise, year-on-year (YoY), in its consolidated net profit for the December 2024 quarter (Q3 FY25). During the quarter under review, profit came at Rs 3,353.8 crore as against Rs 2,694.2 crore in the year-ago period. Revenue from operations edged up 0.51 per cent to Rs 22,318.8 crore in Q3 FY25 from Rs 22,205.1 crore in the corresponding period last fiscal.
The company's large deal bookings figure was at $961 million, an increase of 6 per cent YoY in constant currency (CC) terms. The IT firm also declared an interim dividend of Rs 6 per equity share.
Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said, "Wipro shares have been in focus after better-than-expected results. Investors with a medium- to long-term view can add the stock in their portfolios. Existing investors should hold on to it."
Technically, a few analysts said Wipro looked rangebound and may trade in the Rs 280-320 zone. Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "For now, the zone of 280-320 is likely to be the intermediate trading range and a decisive breakthrough on either side is likely to trigger fresh momentum in the short-term period for the counter."
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, suggested that the counter is trading in the resistance zone and can slip towards Rs 275 level in the near term.
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi, said "The expected trading range will be between Rs 290 and Rs 315 for the short term."
The counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 56.57. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The stock has a price-to-equity (P/E) ratio of 30.86 against a price-to-book (P/B) value of 2.52. Earnings per share (EPS) stood at 9.88 with a return on equity (RoE) of 16.38.
As of December 2024, promoters held a 72.75 per cent stake in the IT company.