April 23, 2021 03:04 PM
Mumbai: On Friday, Wipro Ltd crossed HCL Technologies to become the third-largest Indian IT services organization by market capitalization. Wipro has regained this spot after a gap of 18 months and the market valuation of Wipro was at Rs2,64,916.48 crore while that of HCL Tech was at Rs2,62,004.37 crore on the BSE.
At 12.45 pm, shares of Wipro declined 0.60% to Rs483.70 on the BSE. In contrast, HCL Technologies gained 0.44% to 965.50, the stock had hit an all-time high of Rs1,073.55 on 13 January. The company is scheduled to announce its March quarter results later in the day.
Wipro has regained this spot after a gap of 18 months. Earlier, on 22 October 2019, Wipro had a market capitalization of Rs1.449 trillion, while HCL Technologies had a market capitalization of Rs1.444 trillion. Market capitalization of companies changes daily with movement of their stock prices.
TCS remains at the top of the list of IT companies with a market capitalization of Rs11.51 trillion, followed by Infosys with a market capitalization of Rs5.73 trillion. Wipro ranks 12th in terms of overall market capitalization, BSE data shows.
“Wipro’s strong revenue performance and better than expected margin performance and the deal pipeline remains robust, and the company won 12 large deals (including Telefonica) with a net-new total contract value (TCV) of $1.4 billion, with a total TCV of $7.1 billion for 2HFY21, which is impressive and provides growth visibility,” analysts at HDFC Securities said. They maintain “ADD” rating on the stock, as a revenue growth of 3.0% quarter-on-quarter (q-o-q), constant currency, was broad-based, and June quarter guidance of 2-4% q-o-q growth indicates a continuation of strong momentum.