Rishad Premji, Executive Chairman of Wipro, has taken a significant pay cut for the second year in a row, reducing his compensation to around Rs 6.5 crore in FY24. This decision comes amidst a period of negative performance in Wipro’s IT services business. Meanwhile, his father, Azim Premji, received a salary of Rs 1.05 crore.
Reliance Industries (RIL) released its fourth-quarter results, showing a 10.8% year-over-year increase in gross revenue to ₹2,64,834 crore, while profit after tax (PAT) remained almost flat at ₹21,243 crore. Performances were positive across the board, including in oil and gas, retail, and telecom.
Brokerages have reacted positively to the results, with many maintaining their positive ratings and raising RIL’s stock target prices. Here are the recommendations from some key brokerages:
– Motilal Oswal Financial Services: Retain buy rating with a target price of ₹3245.
– Morgan Stanley: Overweight call with a target price of ₹3,046.
– Nuvama Wealth Management: Raised target price by 10% to ₹3,500, with a ‘buy’ recommendation.
– Kotak Institutional Equities: ‘Add’ call with a revised fair value of ₹3,200.
– Emkay Global Financial Services: Retains ‘add’ call with a target price of ₹3,200.
