Tue Dec 03 06:50:32 UTC 2024: **Wipro Stock Hits 52-Week High on Positive Market Sentiment and Strong Outlook**

**MUMBAI, INDIA – October 26, 2024** – Shares of IT giant Wipro Ltd. surged to a fresh 52-week high of Rs 588.55 today, marking the second consecutive day the stock has reached this milestone. The 1% increase fueled a market capitalization of Rs 3.07 lakh crore. This upward trend is driven by a combination of positive market sentiment, strong Q2 results, and an optimistic outlook for future growth.

Wipro’s September quarter results showed a 21.26% year-on-year increase in consolidated net profit to Rs 3,208.8 crore, despite a slight dip in revenue. The company attributed the improved profit margin to a build-up in deal wins and a better-than-expected demand situation. Executives expressed confidence in a return to growth if the current momentum continues, citing a positive impact from a potential Trump re-election and increased client growth in the US.

Adding to the positive sentiment, Wipro’s board recently approved a 1:1 bonus share issue, further boosting investor confidence. The bonus shares, valued at Rs 2 each, will be credited by December 15, 2024.

Analyst opinions are mixed. While LKP Securities issued a buy call with a potential target of Rs 630, Centrum Broking recommended a reduce call with a target of Rs 570. JM Financial, however, maintains a buy rating on the stock. Technically, Wipro’s RSI of 63.3 indicates the stock is neither overbought nor oversold.

The stock’s strong performance today demonstrates investor optimism regarding Wipro’s future prospects in a recovering market.

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