NIFTY50 opened in uncertainty on Tuesday after falling 2.40% in its previous trading session. The fall has been attributed to multiple factors such as interest rate hikes by the central banks around the world, rising Covid cases, high inflation and a weakening Rupee.
Further, the losses spread to leading large-cap stocks as well as two blue-chip stocks that were trading at their 52-week lows.
Wipro
The shares of IT major opened weak but were trading 1% up at ₹ 451 as of 9:55 IST, only 2.74% up from their 52-week low of ₹ 438 which was recorded in the previous trading session.
The management reported that the company had 243,128 employees as of 31 March 2022 with an attrition level of 23.8%.
Wipro’s revenues rose 28% to ₹ 20,860 crores in the March quarter of 2022 as compared to ₹ 16,245 crores in the same period last year.
Many brokerage firms such as Nomura and JP Morgan have given either neutral ratings or downgraded the stock. Brokerage house PhillipCapital is bullish on the IT services company and has given a target price of ₹ 560 with an upside of 24%.
Asian Paints
The stock of domestic and industrial use paints manufacturers has fallen more than 23% since the start of the year and was trading at ₹ 2,621 per share as of 9:55 IST. It hit its new 52-week low of ₹ 2,585 in the opening trade.
Its consolidated net profit fell marginally to ₹ 850.42 crores for the March quarter of 2022 despite an 18.66% increase in the operating revenue as compared to the same period last year.
ICICI target has a holding call for Asian Paints with a target price of ₹ 3,200, indicating an upside of 22%.
Edited by – Vikalp Mishra
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