HSBC upgrades Wipro to ‘overweight’

The Indian software services exporter is competing effectively for large deal.

Written by Agencies | Mumbai | Published: August 29, 2012 11:17:16 am

HSBC upgraded Wipro to overweight from neutral,saying the Indian software services exporter was competing effectively for large deals,and adding the company is well positioned to improve sales after its extensive restructuring.

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We believe with continued investments in sales and client partners,deal wins will start to improve from 2QFY13 and results in terms of better growth should be visible in 2HFY13,HSBC said in a note dated on Wednesday.

HSBC also upgraded its target price on the stock to 420 rupees from 380 rupees. Wipro shares were last up 0.1 percent at 363.90 rupees.

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