Wipro Ltd. shares rose as much as 7.6% to Rs 723.9 in early trade, before paring gains, as brokerages raised their target prices after the company’s September quarter earnings beat estimates.
Analysts cited broad-based revenue growth, healthy large-deal intake, unprecedented demand environment, especially for new-age services like cloud, as the key reasons for raising the target prices.
Of the 50 analysts tracking the stock, 20 have a ‘buy’ rating, according to Bloomberg data. 17 recommend ‘hold’, while the remaining 13 recommend hold. The 12-month Bloomberg consensus target price indicates a downside of around 7% from current levels.
Infosys Jumps As Analysts Raise Price Target After Q2 Beat
Shares of Infosys Ltd. rose 4.35% in intraday trade to Rs 1,783.6 apiece after analysts maintained bullish ratings and increased target prices on the stock as India’s second-largest software services provider beat earnings estimates and raised full-year growth forecasts.
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Mindtree Jumps As Brokerages Raise Target Price On Q2 Beat
Shares of Mindtree Ltd. rose 10% in intraday trade to a record Rs 4,800.2 apiece after the company reported net income above estimates in the september quarter.
Second Quarter Results (Consolidated, QoQ)
- Net income at Rs 398.9 crore vs estimate of Rs 339 crore (Bloomberg consensus)
- Revenue at Rs 2,586.2 crore vs estimate of Rs 2,474 crore
- Total costs at R 2,190 crore vs Rs 1,898.3 crore QoQ
- EBITDA at Rs 531 crore vs estiate of Rs 484 crore
- Dividend per share at Rs 10
Brokerages on Mindtree
Prabhudas Lilladher
- Maintains ‘buy’ rating with the target price raised to Rs 4,804 from Rs 4,593 earlier, an implied upside of 10%
- September quarter performance was exceptional, both on revenue growth as well as margin front.
- EPS estimates has increased by 5% in FY22 led by strong beat in revenue and margins in the september quarter.
- Already ahead by 12% compared to FY23/24 consensus EPS estimates
- Expect massive upgrades in consensus EPS estimates.
- September quarter growth led by strong growth in RCM party aided by project backlogs as countries reopened after extended lockdown.
- Bulk of growth driven by customer success service line, which indicates strong demand for adoption of technology for revenue maximisation.
- Headwinds from wage hike and supply side pressures were offset by operational efficiencies and increase in scale