{
}
Democrat leader Maxine Waters has called for the deportation of Melania Trump, sparking a strong response from Elon Musk. Meanwhile, Voler Cars, a leading employee transportation service provider, is preparing to go public, highlighting its asset-light model and steady financial growth, with plans to expand into new cities and enhance technology. The company aims for a 30% year-on-year revenue increase while maintaining a debt-free status and strong cash reserves.
Wipro has secured a significant $650 million contract with British insurer Phoenix Group. This deal marks a notable achievement for Wipro, enhancing its portfolio in the insurance sector and demonstrating its capabilities in delivering large-scale projects.
UBS recommends investors focus on four Indian IT stocks—Tata Consultancy Services (TCS), Infosys, Wipro, and HCL Technologies—before Q4 results, citing potential US Federal Reserve rate cuts and corporate tax reductions as supportive factors for tech spending. Despite a recent 15-20% correction in IT stocks, UBS anticipates a rebound in sector valuations, projecting a 5-10% recovery in price-to-earnings multiples. TCS and Infosys are rated 'Buy' with price targets of ₹4,250 and ₹2,100, respectively, while Tech Mahindra is rated 'Sell' at ₹1,470.
UBS has downgraded the target price for Indian IT companies due to company-specific issues affecting revenue growth, yet believes the recent market correction is overdone, indicating more upside potential. Despite concerns over a US growth slowdown, the Nifty IT index rose 2.30%, with major IT stocks like L&T Technology Services and Tata Consultancy Services seeing gains of 2-3%. The sector is currently trading at a 5% discount to its five-year average, suggesting a near-term rebound may be on the horizon.
Citigroup plans to reduce its reliance on external IT contractors from 50% to 20%, focusing on building in-house capabilities. This strategic shift raises concerns for Indian IT firms like TCS, Wipro, and LTIMindtree, which have significant business ties with Citi. Experts suggest that while this may impact larger IT service providers, it could ultimately benefit India's core banking operations and expertise in the long run.
Citigroup is shifting its workforce strategy by reducing IT contractors from 50% to 20% and aims to increase in-house technology staff to 50,000 by 2024. This restructuring includes cutting the number of IT vendors from 144 to 50 and focusing on higher-cost locations while addressing regulatory issues and past technical errors.
LTI Mindtree shares fell nearly 5% to a 52-week low of Rs 4,239 after Citigroup announced plans to reduce its external IT contractors from 50% to 20%. This shift, aimed at bolstering internal technology capabilities, could significantly impact LTI Mindtree, a key client. In related news, Nachiket Deshpande has been appointed president of the newly formed AI services business group.
In 3Q 2024, telco network infrastructure vendor revenues reached $49.6B, with Huawei, Ericsson, and Nokia leading the market, accounting for 37.5% of total revenues. Despite a slight quarterly increase, the annualized market saw a 5.6% decline, primarily due to reduced capex forecasts. Tejas Networks and Broadcom reported significant year-over-year growth, driven by strategic developments in India and acquisitions.
UBS has upgraded Wipro shares to a Buy rating, raising the price target to INR335.00 after a strong third-quarter performance, with an EBIT margin peaking at 17.5%. Despite a conservative Q4 revenue forecast, the company is expected to benefit from increased capital allocation and a resurgence in discretionary spending, particularly in the BFSI sector. Meanwhile, Morgan Stanley maintains an Underweight rating, citing peak utilization levels, while CFRA has adjusted its price target to $7.00, reflecting improved earnings estimates.
The Sensex has consistently posted negative returns during the Kumbh Mela festivals over the past two decades, with an average loss of 3.42%. Historical data shows that the highest decline occurred between July and September 2015, when it fell by 8.29%. This trend may be influenced by cultural shifts and investor behavior during the pilgrimage period.
Wipro Ltd
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Voler Cars poised for growth with transparent IPO strategy and strong financials
13:37 28.03.2025
Wipro secures 650 million dollar contract with British insurer Phoenix Group
14:58 26.03.2025
ubs recommends four indian it stocks ahead of q4 results
United States Dollar
Infosys Ltd
Wipro Ltd
Tech Mahindra Limited
Tata Consultancy Services Limited
HCL Technologies Limited
IND
Show more
12:30 25.03.2025
ubs downgrades indian it sector target price but sees potential upside
United States Dollar
Infosys Ltd
Wipro Ltd
L&T Technology Services Ltd.
Persistent Systems Limited
HCL Technologies Limited
Coforge Ltd.
Mindtree Ltd.
Tech Mahindra Limited
Mphasis Limited
Tata Consultancy Services Limited
IND
Show more
02:18 25.03.2025
citigroup shifts strategy to reduce reliance on external it contractors
United States Dollar
Standard Chartered PLC
Citigroup Inc.
Accenture plc
Polaris Inc.
UWS JP Morgan EM A OSB
Everest Group, Ltd.
LTIMindtree Limited
Citizens, Inc.
Wipro Ltd
IND
Phil Fersht
Don Callahan
Ronak Doshi
Tim Ryan
Show more
08:24 21.03.2025
Citigroup shifts to in-house IT staffing amid workforce overhaul
United States Dollar
Citigroup Inc.
Cognizant Technology Solutions Corp
Wipro Ltd
IND
USA
POL
GBR
Mike Mayock
Tim Ryan
Show more
14:00 18.03.2025
LTI Mindtree shares drop as Citigroup plans to cut IT contractors
United States Dollar
Citigroup Inc.
Wipro Ltd
IND
Nachiket Deshpande
Tim Ryan
Donald Trump
Show more
08:00 17.03.2025
telecom vendor analysis reveals growth trends for huawei ericsson and nokia
Infinera Corp
Alcatel-Lucent e.U.
Tech Mahindra Limited
Sumitomo Electric Industries, Ltd.
Palo Alto Networks, Inc.
LENOVO GROUP
Commvault Systems, Inc.
HCL Technologies FUT, February
Infosys Ltd
Ubiquiti Inc.
Fujitsu Limited
Dell Technologies Inc.
Spirent Communications plc
Wipro Ltd
Extreme Networks, Inc.
Comba Telecom Systems Holdings Ltd
SeaChange International, Inc.
AsiaInfo Technologies Ltd
Tata Consultancy Services Limited
Amdocs Ltd
Sterlite Technologies Limited
FIBERHOME TELCOM
ERICSSON - CLASS B
Comarch S.A.
Adtran Inc
ADVA Optical Networking SE
Ciena Corporation
Samsung Electronics Co., Ltd.
Italtel S.p.A.
HENGTONG OPTIC-ELECTRIC
NEC Corporation
Accenture plc
Alphabet Inc.
Nutanix, Inc.
Nokia Oyj
Microsoft Corporation
cyan AG
Technicolor SA
Nexans
Sopra Steria Group
Corning Inc
Huber+Suhner AG
Transmode AB
Calix, Inc.
Check Point Software Technologies Ltd.
Optiva Inc.
Dycom Industries, Inc.
Ceragon Networks Ltd.
Oracle AI USD
Allied Telesis Holdings K.K.
Mitsubishi Electric Corp
Dynatrace, Inc.
Pace plc
Fortinet, Inc.
Clearfield, Inc.
Exfo Inc.
F5 Networks, Inc.
Prysmian S.p.A.
Ribbon Communications Inc.
ZTE
Capgemini SE
Amphenol Corp
DATANG TELECOM
Fujikura Ltd.
Juniper Networks, Inc.
Citrix Systems Inc.
Brocade Communications Systems Inc.
RADCOM Ltd.
TE Connectivity plc
Casa Systems Inc.
Tejas Networks Limited
Kudelski SA
SUBEX LTD.
Ruckus Wireless LLC
Harmonic Inc.
Rakuten Group, Inc.
Aviat Networks, Inc.
Cisco Systems, Inc.
Kyndryl Holdings, Inc.
MasTec, Inc.
Net Insight AB
Dragonwave Inc.
Radware Ltd.
Arista Networks Inc
Atos SE
Hitachi, Ltd.
Wiwynn Corporation
Furukawa Electric Co., Ltd.
Itochu Techno-Solutions Corporation
Amazon.com, Inc.
NetScout Systems, Inc.
Westell Technologies, Inc.
CommScope Holding Co Inc
SAP SE
Data Call Technologies, Inc.
CHN
Show more
12:15 10.02.2025
UBS upgrades Wipro to Buy with increased price target after strong performance
10:28 20.01.2025
sensex faces historical declines during kumbh mela festivals over two decades
State Bank of India
NTPC Limited
HDFC Bank Ltd
Reliance Industries Limited
Infosys Ltd
Wipro Ltd
Samco Securities Ltd.
Axis Bank Ltd
IND
Show more
07:54 13.01.2025
Trending
Subcategory
Countries:
Companies:
Currencies:
People: