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    INFY   INE009A01021

INFOSYS LIMITED

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Wipro shares fall nearly 7% as organic growth, revival plan disappoint

10/14/2020 | 02:44am EDT
FILE PHOTO: The Wipro campus is seen in Bangalore

BENGALURU (Reuters) - Shares of Wipro Ltd fell 6.8% on Wednesday, a day after the software services firm posted quarterly organic revenue growth that was lower than peers and disappointed some investors with its plans to revive growth.

Chief Executive Officer Thierry Delaporte, who took the helm in July, said on Tuesday Wipro would focus more on large deals and "prioritize the markets and sectors that are relevant," without giving more details.

The commentary let down some investors who were hoping for more concrete steps from a company that has underperformed its rivals in the recent past.

"The strategic roadmap from the CEO to revive growth was not as strong as it was expected to be," IDBI Capital research analyst Urmil Shah said.

Wipro also saw a decline in revenue from its key markets of the Americas and Europe in the second quarter as clients cut spending, but some new deals helped to keep overall revenue largely flat at 151.15 billion rupees ($2.06 billion).

"Organic growth was down 4.5% year-on-year, lower than Accenture Plc (down 3%) and Tata Consultancy Services Ltd (down 3.2%)," AMP analysts said.

Quarterly profit also fell and missed analysts' estimates.

Wipro said it expects revenue at its IT services business to be in the range of $2.02 billion to $2.06 billion in the December quarter, lower than the $2.09 billion it earned a year earlier.

The company approved a 95 billion rupees share buyback at 400 rupees per share.

"While the quantum of buyback was largely in line with our expectations, the buyback price was a disappointment," ICICI Securities said in a note.

Wipro shares were set for their biggest one-day percentage loss since April in a weak broader market, while rival Infosys Ltd was down 0.2% ahead of quarterly results later in the day.

($1 = 73.3970 Indian rupees)

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Aditya Soni)

By Sethuraman N R


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ACCENTURE PLC -1.29% 338.68 Delayed Quote.31.31%
CAPGEMINI SE -1.56% 192.6 Real-time Quote.54.30%
ICICI SECURITIES LIMITED -0.33% 747.75 End-of-day quote.61.61%
INFOSYS LIMITED 1.22% 1763.85 Delayed Quote.38.76%
TATA CONSULTANCY SERVICES LTD. 0.05% 3871.3 Delayed Quote.35.16%
WIPRO LIMITED 0.34% 676.65 End-of-day quote.75.18%
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Analyst Recommendations on INFOSYS LIMITED
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Financials
Sales 2022 1 185 B 16 067 M 16 067 M
Net income 2022 221 B 2 995 M 2 995 M
Net cash 2022 305 B 4 142 M 4 142 M
P/E ratio 2022 33,6x
Yield 2022 1,84%
Capitalization 7 391 B 100 B 100 B
EV / Sales 2022 5,98x
EV / Sales 2023 5,23x
Nbr of Employees 267 953
Free-Float 84,8%
Chart INFOSYS LIMITED
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Infosys Limited Technical Analysis Chart | INFY | INE009A01021 | MarketScreener
Technical analysis trends INFOSYS LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 37
Last Close Price 1 763,85 INR
Average target price 1 826,62 INR
Spread / Average Target 3,56%
EPS Revisions
Managers and Directors
Salil S. Parekh Chief Executive Officer, MD & Executive Director
Mohit Joshi Co-President
Ravi Kumar S. Co-President & Deputy Chief Operating Officer
Nilanjan Roy Chief Financial Officer
Nandan M. Nilekani Non-Executive Chairman
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INFOSYS LIMITED38.76%98 993
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SNOWFLAKE INC.14.25%96 739
AUTOMATIC DATA PROCESSING, INC.12.55%85 204