Motilal Oswal Securities has upgraded Wipro from reduce to hold at Rs 1,381. The company has shown continued improvement in billing rates despite difficult a business environment.
Sequential growth in offshore and onsite rates was 3.2 per cent and 2.6 per cent respectively. However, despite the reduction in headcount, the utilisation rate has dropped to 66 per cent from 70 per cent.
Merrill Lynch has recommended an accumulate on Indian Oil Corporation (IOC) at Rs 154. IOC, India's largest refining and marketing company, controls 33 per cent of refining, 54 per cent of marketing and 65 per cent of pipelines.
IOC recently bought out the government's stake in two stand-alone refineries
