Wipro scales Rs 3 lakh crore market cap mark for first time

IT firm Wipro hit the Rs 3 lakh crore market cap mark for the first time ever today. The Bengaluru-based firm became the third IT company after Infosys and TCS to achieve the feat.

The stock hit all-time high of Rs 550 in early trade, rising 1.27% against previous close of Rs 543.05 on BSE. Market cap of the firm rose to Rs 5.01 lakh crore. The share hit 52 week low of Rs 206.40 on June 12, 2020.

Total 1.56 lakh shares of the firm changed hands amounting to turnover of Rs 8.47 crore.

The stock rose today amid news that the firm has invested $1.2 million in Squadcast, as part of a business partnership with the software-as-a-service (SaaS) startup to provide IT incident response and site reliability engineering services.

Wipro will buy a strategic minority stake of under 20% in Squadcast, according to a regulatory filing on Wednesday. The deal is expected to conclude before June 30.

The scrip also saw positive sentiment after the IT firm said it has sold its entire stake in Denim Group for a consideration of $22.4 million (about Rs 160 crore).

Wipro share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 157% in one year and risen 40% since the beginning of this year. In a month, Wipro stock has climbed 11.44%.

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In India, 13 firms have crossed the Rs 3 trillion market capitalisation. Wipro now ranks 14th.

Reliance Industries tops the list with a market capitalisation of  Rs 14.05 lakh crore, followed by Tata Consultancy Services Ltd and HDFC Bank with m-cap of Rs 11.58 lakh crore and  Rs 8.33 lakh crore, respectively.