Wipro share price is down 44% from 52-week high, time to buy?
Shares of Wipro have fallen 44 per cent from their 52-week high in 11 months. The stock of the IT firm hit its 52-week high on October 14, 2021 and fell to 52-week low on July 15, 2022. The IT sector stock closed at Rs 416.25 in the previous session, down 0.28 per cent against the previous close of Rs 416.25. Wipro shares have lost 43.89 per cent from its 52-week high in comparison to the previous closing level. Market cap of Wipro fell to Rs 2.27 lakh crore. Stock of Wipro stands lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. A total of 1.82 lakh shares of the firm changed hands, amounting to a turnover of Rs 7.57 crore on BSE. The stock has declined 38.42 per cent in a year and lost 41.96 per cent in 2022. Q1 Earnings The stock has remained almost unchanged since Q1 earnings of the firm were announced on July 20. The stock closed at Rs 412.2 in the same session. The earnings were announced after market hours. The IT services company reported a 20.6 per cent year-on-year decline in consolidated net profit at Rs 2,563.6 crore for the quarter ended 30 June, 2022 as higher employee-related costs raised firm's overall expenses. The company had reported a net profit of Rs 3,232 crore in the year-ago period. Sequentially, net profit declined 16.9 per cent from Rs 3,087 crore. Wipro's revenues rose 19 per cent to Rs 21,529 crore in Q1 as compared to Rs 18,252.4 crore in the corresponding quarter of the last fiscal. IT services segment revenue came in at $1.9 billion, an increase of 13.3 per cent YoY. Shareholding Pattern In Q1 of the current fiscal, 24,01,883 public shareholders held a 26.75 per cent stake or 146.64 crore shares in the firm. 10 promoters held 73 per cent stake or 400 crore shares in the last quarter. 23.75 lakh public shareholders held 24.27 crore shares of the firm, amounting to a stake of 4.43 per cent with an individual share capital of up to Rs 2 lakh. Source: BusinessToday