Wipro up as Capco gets new CEO but Morgan Stanley retains bearish outlook

Morgan Stanley maintained its ‘underweight’ rating on the technology services player despite the update

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Wipro shares jumped 1.7 percent in early trade on March 21 after the information technology services player appointed a new chief executive officer (CEO) for Capco.

Anne-Marie (Annie) Rowland will take over as the as Capco CEO from April 1 almost three years after Wipro acquired the British consulting firm for $1.45 billion. The firm is one of the world’s largest, independent financial services management consultancy.

Rowland is currently the Managing Partner of Capco’s business in the United Kingdom and Ireland and a member of Capco’s Global Leadership Team. As CEO of Capco, Rowland will become a member of Wipro’s Executive Committee (WEC).

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At 9.30 am, Wipro was quoting at Rs 502.3 on NSE, higher by 1.7 percent compared to the previous session’s closing price.

Morgan Stanley, however, has stuck to its “underweight” call on the technology services player, with a target price of Rs 475 a share, downside of 3.7 percent from the previous close.

The global brokerage, however, did say that the leadership change is made with an internal candidate who has rich experience in the company and sector. Therefore, the transition is expected to be smooth, with little to no bumps on the path.

Over the past six months, Wipro shares have added around 17 percent against a 11.5 percent rise in the benchmark Nifty.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.