Truth Speaker Mitra (@SubhajitMitra) 205 Followers 20 Oct

Investment 740 1

Did Wipro stop 'Applying thoughts' in Q2 or tsunami warning for the IT stocks amid the US recession?

India's 3rd largest IT giant disappoints investors with nosediving sales; profits tanked by 9.3%, and shares dipped by 5.7% and 3.37% for two consecutive days since the Q2 announcement.

Earlier this week, the nearest competitor, TCS, reported a larger-than-anticipated increase in quarterly profit but warned that clients are delaying decisions on larger outsourcing transactions due to the unpredictability of the global economy.TCS started to issue a red flag despite it beating market estimation in Q2.

Critics grilled the company's recent focus on moonlighting-related lay-offs, an attrition rate of 23%, supply chain and employee-related costs. 

So, is it the right time to sell, buy or hold?

Experts revised their previous target price from ₹380 to ₹390, as the firm is about to touch the previous target price, currently trailing on ₹377.26.

Wipro reported growth of 4.1% QoQ and revenue jumps of nearly 15%, forcing experts to raise the target price. Apart from this, TCS and Infosys recently reported a thundering rise, so analysts encourage the stock for your portfolio.

Financial Times already announced a recession in the US, so new traders should observe its volatility for the next month before making a buying decision.


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