0720 GMT - Wipro's valuation upside remains capped unless its revenue growth shows a pick up, analysts at Jefferies write in a note. Revenue growth pick up is expected to be gradual, with mixed growth seen across its verticals, they write. Wipro's raising its committed payout ratio to 70% or above of net income in a 3-year block, up from 45%-50%, should allay merger and acquisition-related spending concerns, support its current valuation and limit downside risks, Jefferies adds. Wipro's 3Q FY25 results beat market expectations, with the sharp margin expansion being the key positive surprise, Jefferies adds. It upgrades Wipro's rating to hold from underperform and increases target price to INR300 from INR260. Shares are 6.1% higher at INR299.00. (kimberley.kao@wsj.com)
(END) Dow Jones Newswires
January 20, 2025 02:20 ET (07:20 GMT)
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