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Wipro (WIPR.BO/WIT, Neutral, Rs420.00/$14.16):
IT budgets to remain flat – Decision making has improved but translating into more
short term deals. IT budgets are not going up significantly, so they need to get more
wallet share.
Customer traction is good across the globe – They are witnessing good client
traction across US, Europe, and emerging markets. Customers are preparing
themselves to be globally positioned.
Lagging volume growth a result of lower investments – Their volume growth is
lagging peers because of lower bench strength during the downturn. Margin recovery
should be back in a few quarters as the hurdle of wage inflation has peaked out.
Biggest focus points – Their biggest priorities currently are investment on sales and
marketing, investments on new technologies, adding more centers in Latin American,
Africa, Philippines, China, Eastern Europe, etc., apart from India and China.
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