Wipro (WIT) Surges 10.4% on Chip Assembly Hype

Wipro Ltd. (NYSE:WIT) is one of the 10 Stocks Investors Are Watching.

Wipro saw its share prices jump by 10.39 percent on Tuesday to close at $2.55 apiece, as investor sentiment was fueled by its sister firm’s planned foray into the semiconductor business, coupled with bargain-hunting activities after falling to a 52-week low last week.

A report by Economic Times said Tuesday that Wipro Ltd.’s (NYSE:WIT) sister company, Wipro Enterprises, is setting its sights on the semiconductor manufacturing sector through chip assembly, following suit of other Indian conglomerates as they aim to tap new sources of growth.

The group is said to be currently on search for a credible technology partner for the initiative.

The plan is aimed at tapping into the rapidly growing technology sector, thanks to the artificial intelligence industry that has boosted data centers’ demand for semiconductor products.

Chips aside, the rally can also be attributed to bargain-hunting after Wipro Ltd. (NYSE:WIT) dropped to its lowest price of $2.11 last week.

Tuesday, however, marked the company’s fourth consecutive days of in the green territory as investors continued to load portfolios to take advantage of its cheap price.

Wipro Ltd. (NYSE:WIT) is an India-based technology company engaged in providing information technology, consulting, and business process services.

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