Advice on Wipro
Wipro’s 4Q FY09 IT services revenue fell 3.8% to USD 1058 million in constant currency, versus management’s guidance of USD 1045 million, led by reduction in volumes and cross currency headwinds. Given a challenging demand outlook for the next 12 months and the expiration of STPI in FY10, we expect earnings to increase at a CAGR of 0.8% over FY09-FY11.Must wait for value buying levele to arrive to make investment for safe returns.