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Money Aug 29, 2012

HSBC upgrades Wipro; says co competing for large deals

HSBC upgraded Wipro to "overweight" from "neutral", saying the software services exporter was "competing effectively" for large deals, and adding the company is well positioned to improve sales after its "extensive restructuring."

HSBC also upgraded its target price on the stock to Rs 420 from Rs 380. Reuters

"We believe with continued investments in sales and client partners, deal wins will start to improve from 2QFY13 and results in terms of better growth should be visible in 2HFY13," HSBC said in a note dated on Wednesday.

HSBC also upgraded its target price on the stock to Rs 420 from Rs 380. Wipro shares were last up 0.1 percent at Rs 363.90 .

Reuters


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