Azim Premji gained Rs 6,46,94,14,585 in just a single day from this stock, which has a Total Contract Value (TCV) of USD 1.3 billion and reported robust deal bookings, marking the highest in the last
Q2 saw strong deal booking with total contract value (TCV) of USD 1.3 billion, the highest in the last nine quarters. 14 deals worth over USD 30 million TCV were closed in Q2.
December has unfolded as a spectacular chapter for the Indian financial markets, painting a canvas of record-breaking achievements. The Nifty and Sensex, two stalwarts of the Indian stock exchange, have etched fresh all-time highs, with the NSE benchmark Nifty 50 index surging impressively by over 6 per cent in this festive month.
Amidst this symphony of success, one sector has taken center stage, basking in the glow of attention—Nifty IT. The IT index has not only embraced the spotlight but has choreographed a dazzling performance, leaping an astounding 9.38% within the month of December alone. The catalyst behind this upward pirouette can be traced to the Federal Reserve's 'dot plot,' a roadmap that foresees a series of interest rate cuts in the coming year, projecting a substantial 0.75 per cent reduction by 2024. This dovish pivot has injected a robust tonic into the veins of the once sideline-dwelling Nifty IT index, which has been steering the bull run ship since the nadir of March 2020.
Experiencing a resurgence of over 3 per cent, the Nifty IT index has not only soared to a fresh 52-week high but has also etched its most substantial single-day gain in the past six months. This meteoric rise is intricately linked to the technology upswing in the United States, propelled further by the anticipation of increased client spending following the US Federal Reserve's strategic rate cut pivot. The colossal importance of the US market for the Indian IT industry positions this development as a pivotal driver of growth.
In the midst of this IT euphoria, one distinguished player in the global IT and IT-enabled services outsourcing segment has etched its own success story—Wipro Ltd. The stock soared by an impressive 6.60 per cent to reach Rs 462.65, marking a substantial gain of Rs 28.65 per share. What adds a fascinating layer to this narrative is the significant stake held by none other than Azim H Premji, a visionary in the Indian business landscape. With a 4.32 per cent stake in Wipro, amounting to a staggering 225,808,537 shares, Azim Premji witnessed a windfall of Rs 6,46,94,14,585 in just a single day. Indeed, the market can be a theatre of amazing financial performances. Q2 saw strong deal booking with total contract value (TCV) of USD 1.3 billion, the highest in the last nine quarters. 14 deals worth over USD 30 million TCV were closed in Q2.
Notably, Wipro's stock has experienced a surge of 17.80 per cent on a Year-to-Date basis. From a technical standpoint, the stock has broken free from a 12-week-long cup pattern, and the volumes have been steadily on the rise, serving as a resounding testament to the strength in the direction of the prevailing trend. For swing and breakout traders, Wipro emerges as a compelling addition to their watchlist, promising potential opportunities in the dynamic world of stock trading. As December unfolds its final act, the Indian markets, particularly the Nifty IT sector, continue to dazzle, leaving investors and enthusiasts alike eagerly anticipating what the new year may unfold on this captivating financial stage.
Disclaimer: The article is for informational purposes only and not investment advice.
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