Recently, IT major Wipro regained the position as India's third most-valued information technology (IT) company, overtaking HCL Technologies in terms of market capitalization.

Tata Consultancy Services (TCS), which is at the number one position in the IT company's market-cap rank, stands strong with a market cap of 11.47 trillion, followed by Infosys (5.72 trillion).

Lately, shares of Wipro hit a record high of 494.50 rallying 16 percent in the past five trading days, after the company reported a healthy IT services revenue growth and margins in the March quarter (Q4FY21). In comparison, HCL Technologies were down 2 percent during the same period. The stock had hit an all-time high of 1,073.55 rupees on January 13. The company is planned to announce its Q4FY21 results.

After a muted growth over the last few years, Wipro delivered strong results for the third quarter in a row led by healthy volume growth. After a steep decline in Q1FY21, the company bounced back sharply.

The report, states, "Wipro's turnaround has been led by the strategy of the new CEO, coupled with a strong demand environment. Along with these, improved execution is likely to drive earnings going ahead.”

ICICI Securities, said that the key highlights of the quarter were healthy deal wins, up 16.7 percent quarter on quarter (QoQ), to $1.4 billion, healthy net addition of 7,404 employees, and higher offshore up 180 bps to 54.5 percent. Robust Q1FY22E guidance IT services revenues would be in the range of $2,195 - 2,238 million, which translates into 2.0-4.0 percent QoQ growth. The guidance does not include announced acquisitions of Capco and Ampion.

"In addition, improved deal wins, higher demand in Europe, client mining, acquisition of new logos, and traction in digital revenues bode well for revenue growth. Hence, we are positive on the stock from a long-term perspective," it said in a note.