Wipro Shares Drop 4.5% Despite Strong Q2 Results, Brokerages Divided

Wipro Ltd's shares fell 4.48% to ₹242.44 in early trading, defying better-than-expected Q2 earnings and $2.9 billion in large deal bookings. The IT services giant reported $2,604.3 million in revenue, a 0.7% sequential increase, with total bookings reaching $4.7 billion—a 90.5% annual surge. Guidance for Q3 projects revenue between $2.5-2.6 billion, signaling flat to modest growth.

Brokerage opinions split sharply: Nomura maintains a Buy rating (₹280 target), praising deal momentum, while Motilal Oswal reiterates Sell (₹200 target) on growth concerns. Jefferies remains bearish (₹220 target), flagging margin pressures from deal ramps and acquisitions. Operating margins hit 16.7%, weighed by a ₹1,165 million client bankruptcy provision.

Market skepticism persists despite management's Optimism for H2 recovery, fueled by BFSI deal ramp-ups and the pending Phoenix project. The stock's 52-week range (₹228-₹324.60) reflects ongoing volatility in India's IT sector.