Wipro shares rally 5% amid strong Q3 earnings and global tech surge
Wipro surged 5% on Thursday to Rs 324.55 on the BSE, buoyed by sustained optimism following strong third-quarter earnings from the IT services giant. Broader enthusiasm for Indian IT stocks, which tracked a global tech rally driven by the U.S.'s $500 billion AI investment push, fueled a 2% rise in the Nifty IT index, further lifting sentiment.
Wipro reported a 24% year-on-year growth in consolidated net profit for the quarter ended December 31, 2024, reaching Rs 3,354 crore. Revenue from operations rose marginally by 0.5% to Rs 22,319 crore during the December quarter. Sequentially, profit after tax (PAT) increased by nearly 5%, while revenue edged up 0.1% in Q3FY25.
Wipro’s deal momentum also supported investor sentiment, with the company booking contracts worth $3.5 billion during the quarter. Notably, large deals accounted for $961 million, a 6% increase in constant currency terms compared to the previous year.
Adding to the bullish sentiment, Wipro has successfully broken out of a flag-and-pole pattern on the daily chart, signaling a bullish setup and the potential for further price gains. This breakout is accompanied by a significant rise in volume, reflecting strong buying interest and increasing investor confidence.
“The 21-day EMA positioning above the 50-day EMA confirms sustained bullish momentum, while the RSI trending upward adds to the positive outlook. Collectively, these technical indicators point to a strong bullish trend for Wipro, suggesting further upward movement in the near term,” said Virat
