Shares in Wipro gain 2.4 percent to 344.05 rupees after Credit Suisse upgrades stock to 'outperform' from 'neutral' and raises target price to 415 rupees from 385 rupees.

Upgrade comes ahead of Wipro's July-September earnings on Friday, as Credit Suisse says the stock has "significantly underperformed peers and the Indian market over the past 12 months," and calls valuations "historical low level" outside of the period during the 2008 financial crisis.

Wipro is also trading at around a 30 percent discount to larger rival Tata Consultancy Services, Credit Suisse says.

The investment bank sees no concrete signs of a pick-up yet and warns a recovery may be "a few quarters away", but adds positive factors work in Wipro's favour, including falling employee attrition and improved "client mining."


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