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Stock Update: Wipro

Stock Update: Wipro
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First Published: Fri, Sep 25 2009. 09 23 AM IST
Updated: Fri, Sep 25 2009. 09 23 AM IST
Punjab & Sind Bank has appointed IT giant Wipro to implement core banking solutions (CBS), after Satyam’s new promoter Tech Mahindra voluntarily opted out of the contract.
In September 2006, the bank had awarded Satyam Computer Services a Rs135 crore contract for a period of 10 years to implement CBS. Wipro has been appointed as systems integrator, replacing Satyam Computer Services as a part of the renewed contract.
Owing to the steep run-up seen recently in Wipro’s stock price, we maintain an ACCUMULATE rating on the stock, and believe that any correction should be used as an opportunity, given our positive stance on the software sector, with the global economic recovery expected to lead to a rebound in volume growth post-FY2010.
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First Published: Fri, Sep 25 2009. 09 23 AM IST
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