Wipro touches 52-week high

The stock price of Wipro hit a 52-week high on Friday as analysts foresee better growth prospects for the company.

 

The stock was trading up 3.5% at Rs 490.95 per share. Earlier in the say it touched its one-year high of Rs. 491.20.

 

"After running a negative call on Wipro through FY 09-13, we upgrade Wipro in July '13 citing inexpensive valuations and upside risks to Street's modest expectations," said a report on the company by Emkay Global Financial Services.

 

"Despite a 20+% move since then, we continue to back upsides to Street's expectations as Wipro sees an  uptick in revenue growth," said the report authored by Manik Taneja and Ruchi Burde.

 

Analysts said that the stock would continue to see some momentum as the INR depreciation continues.

 

Alongwith TCS, Wipro was amongst the top five stocks in the Sensex. The BSE Sensex on Friday was up about one% at 18594, while the BSE IT index was up 1.6%.