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Wipro pips HCL Tech in m-cap to become third most-
valued Indian IT firm
At 09:37 am, Wipro's market-cap stood at Rs 2.65 trillion while that of HCL Technologies was Rs 2.62
trillion, BSE data shows
IT major Wipro, on Friday, regained the position as India's third most-valued information technology (IT) company,
surpassing HCL Technologies in terms of market capitalization (market-cap).
At 09:37 am, Wipro stood at number 12 in the overall m-cap ranking with an m-cap of Rs 2.65 trillion. HCL
Technologies, meanwhile, slipped to number 13 with an m-cap of Rs 2.62 trillion, BSE data shows. Wipro has
regained this spot after a gap of 18 months. Earlier, on October 22, 2019, Wipro had a market cap of Rs 1.449
trillion while HCL Technologies had a market cap of Rs 1.444 trillion.
Tata Consultancy Services (TCS), which is at number one position in the IT company's market-cap rank, stands
strong with a market-cap of Rs 11.47 trillion, followed by Infosys (Rs 5.72 trillion), data shows.
Shares of Wipro hit a record high of Rs 494.50 on Thursday, rallying 16 percent in the past five trading days, after
the company reported a healthy IT services revenue growth and margins in the March quarter (Q4FY21). In
comparison, HCL Technologies were down 2 percent during the same period. The stock had hit an all-time high of
Rs 1,073.55 on January 13. The company is scheduled to announce its Q4FY21 results today.
After a muted growth over the last few years, Wipro delivered strong results for the third quarter in a row led by
healthy volume growth. After a steep decline in Q1FY21, the company bounced back sharply.
"Wipro's turnaround has been led by the strategy of the new CEO, coupled with a strong demand environment.
Along with these, improved execution is likely to drive earnings going ahead," analysts at Edelweiss Securities
said. All in all, the brokerage firm remains optimistic about the demand environment and maintains ‘BUY’ on the
stock with an unchanged target price of Rs 550.