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MUMBAI : Wipro Ltd on Thursday crossed a market capitalization of 4 trillion, becoming the third Indian IT firm and 13th Indian listed firm to achieve the milestone. Wipro’s earnings which came in better than expected prompted several brokerages to increase their target price for its stock, driving it to a record 739.90, and a market cap of 4.01 trillion. At closing, the stock erased some gains and settled at 707.55 on the Bombay Stock Exchange, up 5.2% from its previous close.

Other Indian firms valued over 4 trillion include Reliance Industries Ltd, Tata Consultancy Services Ltd, HDFC Bank Ltd, Infosys Ltd, Hindustan Unilever Ltd, HDFC Ltd, ICICI Bank, Bajaj Finance, State Bank of India, ITC, Kotak Mahindra Bank and Bharti Airtel Ltd.

Wipro posted a 19% increase in net profit to 2,931 crore, as revenue grew 30% to 19,667 crore on the back of volume-led growth across markets and business lines. Its revenue in dollar terms grew 8.1% sequentially in constant currency to $2.58 billion, surpassing the $10-billion milestone of annualized revenue run rate.

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