HSBC upgrades India's Wipro to 'overweight' from 'neutral'

Last Updated: Wed, Aug 29, 2012 07:01 hrs

MUMBAI, Aug 29 (Reuters) - HSBC upgraded Wipro to "overweight" from "neutral", saying the Indian software services exporter was "competing effectively" for large deals, and adding the company is well positioned to improve sales after its "extensive restructuring."

"We believe with continued investments in sales and client partners, deal wins will start to improve from 2QFY13 and results in terms of better growth should be visible in 2HFY13," HSBC said in a note dated on Wednesday.

HSBC also upgraded its target price on the stock to 420 rupees from 380 rupees. Wipro shares were last up 0.1 percent at 363.90 rupees.

(Reporting by Manoj Dharra and Rafael Nam; Editing by Sunil Nair)

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