Wipro stock price: The share price of Wipro is being closely watched today following the announcement by the firm that Thierry Delaporte, the company’s CEO, and MD, has resigned on April 6 and that Srinivas Pallia will take over as the new MD and CEO of the massive IT company.
On Friday, Wipro’s shares closed 0.49% lower at ₹485 per share on the National Stock Exchange (NSE).
Market analysts anticipate that the appointment of Srinivas Pallia as the new CEO and MD will likely elicit a positive reaction in Wipro’s share price.
Head of Research Swastika Investmart Ltd., Santosh Meena., expressed to Livemint that the market is poised to respond positively to the appointment of Srinivas Pallia as the new CEO, given his seasoned leadership at Wipro and profound industry expertise. He anticipated a shift towards the 525 levels in the forthcoming days.
Furthermore, he indicates that the stock is expected to gain momentum and reach the 525 level in the days ahead.
The recruitment of Srinivas, a veteran of Wipro, according to Dipeshkumar Mehta, Senior Research Analyst at Emkay Global Financial Services, will confirm a smooth transfer and sustain current growth strategies with only minor adjustments to assure improved execution.
“Srinivas will find him in action from day one as the company faces headwinds related to the broader industry, including uncertain macros, an uncertain election year in key markets, muted demand, weak discretionary spending, and disruptions from Gen AI.” We hold onto our projections and wait for additional information regarding the change in leadership and any modifications to growth plans,” Mehta stated.
Emkay Global has upheld its ‘Add’ rating on Wipro’s stock, setting a target price of ₹500 per share, which is based on 19 times its estimated earnings per share as of March 2026.
In a regulatory filing to the stock exchanges, the tech major additionally discloses that Delaporte’s tenure as CEO, initially slated to end in July 2025, was unexpectedly cut short due to his resignation in the late hours of Saturday.
“Wipro’s Board of Directors acknowledged Mr. Thierry Delaporte’s resignation, effective April 6, 2024. He was formally relieved from his employment with the company as of the close of business hours on May 31, 2024, stated Wipro.
Wipro’s stock price growth has fallen behind that of its peers in recent years, sparking concerns as several senior leaders departed during Thierry Delaporte’s time as CEO.
During his tenure since July 2020, the Wipro stock price has experienced a remarkable surge of 121.43%. Over the past year, shares of the fourth-largest technology company have seen an increase of approximately 31%.
Throughout Delaporte’s tenure, the stock has delivered returns surpassing 121% over the last 14 quarters.
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In terms of Wipro’s financial performance, the technology giant observed a significant 47% increase in revenue from July 1, 2020, through the third quarter of fiscal year 2023-24 (Q3FY24). Moreover, under Delaporte’s guidance as Wipro CEO, the net profit also saw a commendable rise of 5.5%.
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