Wipro Beats TCS, Infosys In Share Price Growth At 31%; Breaches Rs 3 Lakh Cr Market Cap
The Bengaluru-based Wipro Ltd has been over the news, all for good reasons. On June 3, the IT giant plunged to touch the Rs 3 lakh crore market cap milestone in early trade, post announcement of partnership with the fintech giant Finastra on June 2.
With an additional in-depth study of Wipro’s stock performance over the past months, it has been found that of the top five Indian IT giants, Wipro has far outperformed its peers in the race.
Its share prices have galloped by 31% in the last two months, far outpacing its peers with Tech Mahindra as its closest second showcasing an increase of (only) 2.5% in its share price since April 1, 2021.
Wipro Outshines its Own Record
On June 2, the global information technology, consulting and business process services company, Wipro Limited and Finastra, the largest pure-play software vendor that serves the entire financial services industry, announced a partnership to help corporate banks across Asia-Pacific accelerate their digital transformation.
After this news broke on June 2, Wipro’s already rallying share prices went higher and touched the Rs 3 lakh crore, or $41 billion market cap milestone in early trade on June 3.
With the increasing dominance of new-age digital skills and cloud adoption, the information technology segment is up for a double-digit revenue growth, with major IT players in the country bullish about their performances in the current financial year.
Diving more into the Wipro-Finastra partnership, the fintech company serves 90 of top 100 banks globally, which will now be catered to by Wipro, for these banks’ digital transformation.
Wipro Outshines Competitors by a Large Margin
Looking at India’s top five IT players’ performance over the past two months, Wipro’s share prices have buzzed up by an impressionable 31% since April 1, 2021.
Here are the results for the remaining four IT players.
|Company||Rise in share price (value) since Apr 1|
While Wirpo’s stock performance rallied up significantly, the same for its competitors turned out to be more or less stagnant.
Wipro’s fourth quarter result announced on April 15, reported a YoY hike in the net profit of 27.78% to Rs 2,972.3 crore.
With its focus on growing the banking, financial services and insurance segment (BFSI), expected recovery in manufacturing, and lead in healthcare, analysts predict that Wipro will deliver higher revenue growth than its peers over the next two years, states BI.