With the closing bell of the share market, the Indian information technology (IT) giant, Wipro, touched the Rs 3 lakh crore ($41 billion) market cap milestone in early trade on June 3.
Wipro’s Stock Gain
Reportedly, Wipro’s stock has far outperformed its peers in the last two months.
On Thursday, it hit Rs 3 trillion in market capitalization for the first time and became the third Indian IT firm to achieve this milestone.
The IT giant’s stock hit Rs 550 in early trade, rising 1.27 percent against the previous close of Rs 543.05 on BSE.
With this move, now its market capitalization stood at Rs 3.01 trillion.
India’s benchmark equity index Sensex rose 0.6% to 52,169 points on Thursday.
Why Did This Happen?
The rise in the stock is due to the 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’s regulatory filing on Wednesday indicates that the IT firm will buy a strategic minority stake of under 20% in Squadcast.
The said deal is expected to conclude before June 30.
Apart from Wipro, Tata Consultancy Services and Infosys are the two other IT companies to have achieved this feat.
Wipro’s Market Share
In total, India has 13 listed firms that have crossed the Rs 3 trillion m-cap and now Wipro ranks at 14th.
The IT firm’s stock has surged since Thierry Delaporte joined as CEO and MD of the company, as per the Mint report.
With the joining of Delaporte, he has slashed the top ranks of leadership from 25 people to four.
Adding to Wipro’s share, it has gained 157% in one year and risen 40 percent since the beginning of this year.
If we talk about this month only, then Wipro stock has climbed over 11.44 percent.
In terms of market share, Reliance Industries is India’s most valued company with a market capitalization of Rs 14.05 trillion.
It is followed by Tata Consultancy Services Ltd and HDFC Bank with an m-cap of Rs 11.58 trillion and Rs 8.33 trillion.
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