Wipro: Prospects bright on better margins

But analysts cautious on valuations, given muted near-term growth

Shares of Wipro have been hitting their 52-week highs, given the ongoing buyback offer, recent order wins and earnings upgrades, as the turnaround plan has started to gain traction. But, further gains may not come easily.

The stock has gained about 15 per cent since mid-July. The buyback price at Rs 320 was at a premium of 19 per cent from the date of announcement. Now, this premium has reduced to just 7.3 per cent, and with the buyback closing on September 15, activity in the counter may also subside.

Second, analysts say the key trigger for the stock would come from