Wipro becomes third Indian IT firm to scale Rs 3 trillion market cap

Wipro on Thursday touched Rs 3 trillion in market capitalisation for the first time, becoming the third Indian IT firm to achieve the milestone after Tata Consultancy Services and Infosys.

Wipro’s stock hit Rs 550 in early trade, rising 1.27 per cent against the previous close of Rs 543.05 on BSE. Its market capitalisation at that stood at Rs 3.01 trillion.

India’s benchmark equity index Sensex rose 0.6% to 52,169 points.

According to a Mint report, Wipro stock has surged since Thierry Delaporte joined as CEO and MD of the company. Delaporte slashed the top ranks of leadership from 25 people to four.

The company won its largest deal ever from German retailer Metro and has seen deal wins of $7.1 billion

India has total of 13 listed firms that have crossed the Rs 3 trillion m-cap. Wipro now ranks 14th.

Wipro’s share has gained 157% in one year and risen 40 per cent since the beginning of this year. In a month, Wipro stock has climbed 11.44 per cent.

Reliance Industries is India’s most valued company with a market capitalisation of Rs 14.05 trillion, followed by Tata Consultancy Services Ltd and HDFC Bank with m-cap of Rs 11.58 trillion and Rs 8.33 trillion.