UPDATE: Angel Broking Upgrades Wipro

Angel Broking upgraded Wipro (NYSE: WIT) from a Hold to a Buy rating.

Angel Broking commented, “We recently attended Wipro's analyst meet. The meet focused on the company's strategy to build differentiation in selected segments in various industry verticals and service lines. The company maintained that investments to develop domain capabilities are going on to help drive medium-term growth. The senior management team indicated that the demand scenario remains volatile due to uncertainty across the globe but outsourcing/offshoring as a means of driving productivity as well as cost benefits remains crucial to clients.”

Wipro closed yesterday at $8.77.