Wipro pips HCL Tech in market-cap to become third-largest IT firm in India
Indian IT major Wipro has surged ahead of its rival HCL Technologies to become country’s third most valued IT company in terms of market capitalisation (market-cap). Intraday, the market valuation of Wipro was at Rs2,64,916.48 crore while that of HCL Tech was at Rs2,62,004.37 crore on the BSE. Tata Consultancy Services (TCS), which is at number one position in IT companies market-cap rank, stands strong with a market-cap of Rs 11.47 trillion, followed by Infosys (Rs 5.72 trillion), data shows.
Wipro stood at 12th position in the overall ranking with a market capitalisation of Rs 2.66 lakh crore, as on April 22, according to BSE data. HCL Technologies, meanwhile, slipped to number 13 with an m-cap of Rs 2.62 trillion, BSE data shows. Wipro has regained this spot after a gap of 18 months. Earlier, on 22 October 2019, Wipro had a market capitalization of Rs1.449 trillion, while HCL Technologies had a market capitalization of Rs1.444 trillion. Market capitalization of companies changes daily with movement of their stock prices.
Improving deal wins, strong fourth-quarter results, weakening rupee, and strong buying in defensive sectors like IT and consumer have led to Wipro outperforming its other IT peers, according to an analyst. “Wipro’s turnaround has been led by the strategy of the new CEO, coupled with a strong demand environment. Along with these, improved execution is likely to drive earnings going ahead,” analysts at Edelweiss Securities said, according to Business Standard.
Meanwhile, the IT giant on Thursday announced its commitment to achieving Net-Zero Greenhouse Gas (GHG) emissions by 2040 in line with the objective of the Paris Agreement to cap temperature rise to1.5C.
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Wipro, while unveiling its pledge on ”Earth Day”, also set an intermediate target of a 55 per cent reduction in GHG emissions by 2030 in absolute emission levels compared to its base year of 2016-17 (April-March), the Bengaluru-headquartered IT, consulting and business process services company said in a statement.