Wipro share price

Wipro Stocks Skyrocket 13% After Impressive Q3 Results

Wipro shares soar to a 52-week high amidst profit dips. Find out the inside scoop on this market surge!

Wipro's stocks have taken a thrilling rollercoaster ride, climbing a staggering 13% following the release of their impressive Q3 results. The company's share price hit a circuit limit at Rs 511.95 on the Bombay Stock Exchange, marking a 15% surge over the last month. Surging to a 52-week high of ₹526.45, Wipro's stocks experienced a remarkable 13% jump in intra-day deals, surpassing market expectations. Despite a 12% decline in consolidated net profit, Wipro's shares continue to dominate the market, reflecting investor optimism.

The IT giant's American Depository Receipts (ADRs) shot up by almost 18%, hitting a near-20-month high of $6.35 after strong Q3 results. Wipro's revenue in constant currency terms saw a marginal decrease of 1.7% quarter-on-quarter, outperforming analysts' estimates. With a market capitalization exceeding ₹2.61 lakh crore post-Q3, Wipro stands out as a top performer in the IT sector.

Although Wipro's Q3 earnings displayed a slight dip, the company's constant currency growth only fell by 1.7% when compared to a projected 2.7% drop. Surprising analysts, Wipro's revenue dipped by 6.9% in comparison to FY22 Q3. This unexpected resilience has propelled Wipro shares to a 21-month high, marking a significant milestone for the company.

In a remarkable display of strength, Wipro shares managed to hit a 52-week high of Rs 529 despite a reported 12% profit decline in Q3. This unprecedented surge showcases the market's unwavering confidence in Wipro's future growth prospects, setting a positive tone for the company's upcoming endeavors.