Wipro becomes third IT firm to hit Rs 3 lakh crore marketcap

Mumbai: IT major Wipro on Thursday hit the Rs 3 lakh crore mark in market capitalisation for the first time to become the third homegrown software service provider to achieve this milestone, after Tata Consultancy Services and Infosys.

Shares of Wipro soared over 1 per cent on Thursday to scale its new lifetime of Rs 550, leading its market-cap to cross the Rs 3.01 lakh crore mark. However, the stock retreated to Rs 543.80 at 11.15 am (IST). BSE Sensex was trading 217.88 points, or 0.43 per cent, higher at 52,071 at that time.

On Wednesday, Wipro said it sold its entire stake in Denim Group for a consideration of $22.42 million (about Rs 160 crore). In March 2018, Wipro acquired a 33.33 per cent stake in Denim Group and Denim Group Management, LLC, an independent application security firm, for $8.83 million.

Wipro raced past Bharti Airtel and Asian Paints in terms of market cap. However, is the most valued Indian company with a market cap of little over Rs14 lakh crore, followed by Tata Consultancy Services (Rs 11.6 lakh crore) and HDFC Bank (Rs 8.35 lakh crore).
The stock has surged since Thierry Delaporte joined as CEO and MD of the company. Shares of IT services providers have risen over 40 per cent in 2021 so far and 157 per cent in the last one year.