Wipro, HCL Tech shares rise after better-than-expected TCS Q3 results

  • HCL Tech shares touched a new high of 1,537.90 on NSE ahead of Q3 results today

Asit Manohar
Updated12 Jan 2024, 12:11 PM IST
Q3 results today: Wipro share price surged over 4% during Friday's early morning deals.
Q3 results today: Wipro share price surged over 4% during Friday’s early morning deals.

Stock market today: Shares of Wipro and HCL Technologies witnessed strong buying in the early morning session on Friday, expecting strong Q3 results today from these Indian IT majors. Wipro share price today opened upside at 455 apiece on NSE and went on to touch an intraday high of 468.95 apiece within a few minutes of the stock market's opening bell. Likewise, HCL Tech shares opened higher at 1,505 per share on NSE and further ascended to an intraday high of 1,537.90 per share levels, which turned out a new lifetime high for the IT major.

According to stock market experts, TCS Q3 results 2024 are better than expected by the markets. They said that the market is expecting the same kind of results from Wipro and HCL Tech as well. Both IT companies are going to declare their Q3 results today. They said that HCL Tech and Wipro share prices may ascend as we saw TCS share price rally today after the announcement of Q3 results 2024. However, they advised shareholders to maintain strict stop loss while holding the scrip as both IT companies would declare their quarterly results after the stock market close on Friday.

Triggers for HCL Tech, Wipro shares

On why Wipro and HCL Tech share price is ascending ahead of the Q3 results today, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "TCS Q3 results are better-than-expected and hence the market is anticipating same kinds of results from Wipro and HCL Tech.

After positive numbers delivered by TCS, HCL Tech and Wipro are expected to report profit and rise in EBITDA and revenue in their Q3 results today. However, like TCS Q3 results, “HCL Tech and Wipro Q3 results might not be able to fuel the re-rating in these IT stocks.”

HCL Tech results: What market expect?

On what can be expected from HCL Tech results for Q3FY24, Amit Goel, Co-Founder and Chief Global Strategist at Pace 360 said, "We believe that the company's revenue is poised to rise by 5.25% on a QoQ basis, reaching 28,075 CRORE, showcasing steady growth from the previous 26,672 crore. Our optimistic outlook extends to the company's operational performance, with the expectation of a robust 6.73% increase in operating profit on a QoQ basis, projecting it to reach 5,250 crore compared to the prior quarter's 4,919 crore. In terms of the bottom line, we foresee a promising 7.5% QoQ increase in profit after tax, with an estimated figure of 4,118 crore, as opposed to the previous 3,832 crore."

Also Read: HCL Tech Q3 Results Live Updates: HCL Tech stock at 52-week high ahead of result

Wipro Q3 results: Here's what the market expects

Speaking on Wipro Q3 results 2024, Dhruv Mudaraddi, Research Analyst at StoxBox said, "We expect Wipro’s Q3FY24 revenue to decline in low single digits QoQ due to a lower services income owing to weakness in BFSI and Hi-tech verticals, along with challenges in the consulting business. Margins in the services business are expected to decline slightly, with the impact of a one-month wage hike and furloughs being offset by operational efficiencies. Overall EBIT margins are also expected to dip marginally, attributed to soft sales performance and the impact of wage hikes effective from December 1, 2023. on the size and nature of large deals in the quarter, margin levers, any signs of stabilization in discretionary project ramp-downs, and the impact of attrition among senior leadership."

Also Read: Wipro Q3 Results Live: Revenue, margin to fall, profit may grow; shares rise

HCL Tech share price target

Expecting further upside in HCL Tech shares, Sumeet Bagadia, Executive Director at Choice Broking said, "HCL Tech shares may go up to 1,600 apiece levels in the near term if it manages to sustain above its current base of 1,475 per share. So, those who have HCL Tech shares in their stock portfolio, are advised to hold the scrip maintaining stop loss at 1,475 apiece levels."

"High-risk investors can invest in HCL Tech shares and keep on accumulating maintaining stop loss at 1,475 apiece levels as the stock may give strong upside if the HCL Tech results for Q3FY24 come as per the market is expecting," said Bagadia.

Wipro share price target

"Wipro shareholders can hold the scrip maintaining stop loss at 430. Wipro share price has strong support at 430 apiece levels and it may go up to 500 mark if the scrip manages to sustain above its support levels," said Bagadia.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decision.

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First Published:12 Jan 2024, 12:11 PM IST
HomeMarketsStock MarketsWipro, HCL Tech shares rise after better-than-expected TCS Q3 results

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