HSBC Downgrades Wipro Limited (ADR) to Reduce

Brokerage firm HSBC Downgrades its rating on Wipro Limited (ADR)(NYSE:WIT). The shares have been rated Reduce. Previously, the analysts had a Hold rating on the shares. The rating by HSBC was issued on Aug 9, 2016.

Wipro Limited (ADR) (WIT) shares turned negative on Wednesdays trading session with the shares closing down -0.19 points or -1.69% at a volume of 7,02,215. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $11.1699. The peak price level was also seen at $11.1699 while the days lowest was $10.97. Finally the shares closed at $11.04. The 52-week high of the shares is $13.08 while the 52-week low is $10.65. According to the latest information available, the market cap of the company is $26,835 M.

Wipro Limited (ADR)(WIT) last announced its earnings results on Jul 19, 2016 for Fiscal Year 2017 and Q1.Company reported revenue of $2.01B. Analysts had an estimated revenue of $2.02B. Earnings per share were $0.12. Analysts had estimated an EPS of $0.14.

Wipro Limited (Wipro) is a global information technology (IT) services provider. The Company operates through two segments: IT Services and IT Products. The Company’s IT Services business provides a range of IT and IT-enabled services which include IT consulting custom application design development re-engineering and maintenance systems integration package implementation global infrastructure services business process services research and development and hardware and software design to the enterprises worldwide. The IT Products segment provides a range of third-party IT products which allows it to offer IT system integration services. These products include computing storage networking security and software products including databases and operating systems. The Company’s development centers are located around the world including in India the United States Europe Australia the Philippines and China.

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