Wipro shares surged nearly one percent on Wednesday as the IT company prepares to announce its earnings for Q2FY22.

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At the time of writing, the stock was trading 0.7 percent or Rs 4 higher at Rs 663 on the BSE. On the National Stock Exchange (NSE), the stock surged nearly Rs 5 to Rs 663. The stock had closed at Rs 659 on Tuesday.

The shares of Wipro have surged over 75 percent in the past year, while Infosys surged 45 percent and TCS surged 30 percent.

Wipro past year performance

In the past three months, Wipro shares have surged over 25 percent, Infosys is up 10 percent and Mindtree is up over 70 percent. In the past six months, Mindtree had the highest returns of over 100 percent whereas Wipro is at 55 percent and Infosys at 20 percent.

Also Read | Infosys, Wipro, Mindtree shares in focus ahead of Q2 results

The Street expects Wipro's constant currency revenue growth to surge 7 percent sequentially, at the upper end of its guided band. This growth will be driven by its acquisition of Capco (a global business and tech management consultancy firm) and Ampion (cybersecurity, DevOps, and engineering services provider). However, Street expects Wipro's organic revenue growth to be lower at 3.5 percent.

Other IT companies - Infosys and Mindtree - are also expected to announce their quarterly figures today - a major reason for the IT pack to advance on Wednesday. At the time of writing, Nifty IT was trading over half a percent higher at 35,066.

Mindtree, from the midcap IT space surged nearly 1.5 percent today, trading at Rs 4,330. Tech Mahindra was another top gainer from the pack, surging over 1 percent, followed by Infosys, also surging over 1 percent.

Also Read | Infosys, Wipro, Mindtree Q2FY22 preview: Street expects Infy to revise its revenue guidance by up to 15-17%

First Published:Oct 13, 2021 1:09 PM IST