Wipro Share Price: Today, we witnessed a spectacular surge in the shares of the giant IT company Wipro. Right from the start of Monday’s trading, Wipro’s shares made a strong leap, reaching their 52-week high level. The IT company’s shares recorded a remarkable growth of 13% and reached a level of ₹526.45.

The primary reason behind this surge in Wipro’s shares is the better-than-expected financial results for the December quarter. The company’s earnings for the third quarter of the fiscal year have surpassed estimates. Despite this positive news, Wipro’s net profit and decline rate have been reported to be 13% lower in the December quarter compared to the same period last year.

ADRs Soar

Today, Wipro’s shares set a new record, reaching ₹529 per equity share, marking their 52-week high level. The significant increase in the company’s American Depository Receipts (ADRs) by almost 18% after the release of results on January 12 played a crucial role in reaching approximately $6.35, the highest in nearly 20 months.

Results for the December Quarter

Wipro’s net profit for the December quarter has decreased by 12% on a year-on-year basis. In Q2FY24, the company’s profit was ₹2,667.3 crores, while in Q3FY23, it was ₹3,065 crores. This is the fourth consecutive quarter in which Wipro’s profits and decline rates have been recorded on a year-on-year basis.

IT Index Soars

Wipro’s shares rose by 13%, along with other IT companies like HCL, TCS, and HCL Tech, showing a positive trend in the stock of these companies due to better-than-expected results for the December quarter. On Monday, Nifty IT index gained more than 2.5% during intraday deals.

Top Performer: Wipro

Wipro’s performance remained at the top. Following closely, Tech Mahindra saw a 7% increase, reaching its 52-week high of ₹1,401.50. Meanwhile, HCL Tech also increased by 5%, reaching its record high level of ₹1,67.65. TCS and Infosys also reached their respective 52-week high levels, with gains of 2% and 3.2% in their shares.

In summary, Wipro’s shares experienced a remarkable surge, outperforming other IT companies in the market, and this positive momentum is attributed to the better-than-expected results for the December quarter.

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