On Friday, Wipro’s shares closed at ₹485 per share on the National Stock Exchange (NSE), down roughly 0.49 percent. The Wipro stock is expected to be in focus during Monday’s trading session after CEO and MD Thierry Delaporte announced his departure on April 6, and Srinivas Pallia will succeed him as Wipro’s new MD and CEO.
Market analysts anticipate the market would react positively to the news of Srinivas Pallia’s appointment as CEO and MD.
The market is likely to react positively to the appointment of Srinivas Pallia, a veteran Wipro leader with extensive industry knowledge, as the new CEO. We can expect a move towards 525 levels in the coming days.
Santosh Meena, Head of Research, Swastika Investmart Ltd.
He added that the stock is likely to rise and reach 525 levels in the next days.
The software giant also disclosed in a regulatory filing to the stock exchanges that Delaporte’s time as CEO, which was initially set to end in July 2025, was abruptly cut short when he quit in the late hours of Saturday.
The Board of Directors noted the resignation of Mr. Thierry Delaporte with effect from April 6, 2024. He will be relieved from the employment of the Company with effect from the close of business hours on May 31, 2024.
Wipro
Wipro’s stock price growth has trailed its peers in recent years, generating fears that several senior executives left during Thierry Delaporte’s stint as CEO.
Since July 2020, Wipro’s stock price has increased by 121.43 percent. The fourth-largest technology company’s shares have climbed by more than 29.92 percent in the last year.During Delaporte’s tenure, the stock has returned more than 121% over the last 14 quarters.
Wipro’s financials show a significant 47% increase in revenue from July 1, 2020, to the third quarter of fiscal 2023-24 (Q3 FY24). Furthermore, during Delaporte’s tenure as CEO of Wipro, the company’s net profit increased by 5.5%.
