Wipro misses Street estimates in Q1. How should you trade the IT major now?

Shares of largecap IT stock Wipro gained over 1% on Friday even as the company’s June-quarter earnings which missed Street estimates on Thursday. Following the Q1 results, BofA maintained an ‘Underperform’ rating on the stock while Nomura has a ‘Neutral’ view. Among domestic brokerages, Kotak Institutional Equities recommended a ‘Reduce’ rating while Nuvama suggests a ‘Hold’.

The technology major reported a nearly 12% year-on-year (YoY) rise in consolidated net profit for the quarter ended June at Rs 2,870 crore. Consolidated revenue for the quarter increased by 6% YoY to Rs 22,831 crore.