Intel stock spikes after report of possible US government stake
Investing.com -- Shares of Wipro (NYSE:WIT) rose as much as 2.6% on Friday after the Indian IT firm reported quarterly earnings that exceeded market expectations, driven by improved client spending in parts of its Americas business.
The strong performance prompted at least six brokerages to upgrade Wipro’s stock following the company’s announcement of a 0.8% increase in first-quarter revenue and an 11% jump in net profit. Both figures topped analysts’ average estimates, according to LSEG data.
At least 10 brokerages raised their price targets on Wipro, making it the top gainer on India’s benchmark Nifty 50 index and the IT index early on Friday. Meanwhile, the blue-chip index fell 0.6% and the IT index dropped 0.2%.
India’s fourth-largest IT company provided guidance for the September quarter, projecting revenue between $2.56 billion and $2.61 billion. This forecast represents a range between a 1% decline and a 1% increase, aligning with analyst expectations.
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