Abidali Neemuchwala, chief executive officer of Wipro Ltd. (Photographer: Jacob Kepler/Bloomberg)

Wipro Goes Against The Consensus

Shares of Wipro Ltd. have outperformed the index despite the highest number of ‘sell’ ratings against the ‘buys’ from analysts tracked by Bloomberg.

The information technology firm’s shares gave a 19 percent return on a year-to-date basis, the eighth highest among the Nifty 50 companies.

In comparison, the Nifty advanced 8 percent and the Nifty IT index gained 14 percent during the period.

ICICI Securities Ltd. is among the few brokerages that remain positive on Wipro, citing a number of deals and an expected jump in revenue growth in financial year 2019-20. The weakness expected in first quarter of the ongoing financial year is likely to be made up in the subsequent quarters, the brokerage said.

Wipro Goes Against The Consensus