Wipro Continues to Juggle Ups and Downs; BFSI a Bright Spot; Local Shares Modestly Undervalued
Wipro reported decent first-quarter results, with revenue coming in at the top end of management’s guidance on a currency-adjusted basis. The company continues to deal with the fallout of two large client bankruptcies from the previous quarter, which accounted for over $50 million in annualized revenue. Meanwhile, Wipro’s healthcare business continues to see more clients leave the exchange market and the communications business saw ongoing weakness. Still, it’s a balancing act across the firm, a...
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