8 Best Large Cap Penny Stocks to Invest In

5. Wipro Ltd. (NYSE:WIT)

Number of Hedge Fund Holders: 11

Share Price as of February 14: $3.63

Market Cap as of February 14: $37.97 billion

Wipro Ltd. (NYSE:WIT) is a global IT consulting and business process services company. It operates through IT Services and IT Products segments. It offers services like digital strategy, application development, cloud solutions, and business process outsourcing. The IT Services segment serves industries worldwide, while the IT Products segment focuses on the Indian market by providing third-party IT products like enterprise platforms, networking solutions, and security systems.

Its IT Services segment generated $2.63 billion in Q3 2024. This represents a slight 0.1% sequential increase, but a 0.7% decrease year-on-year. However, the company secured $3.5 billion in new bookings, which suggests stronger future performance. It’s now prioritizing large deals, closing 17 such contracts worth $1 billion in Q3. One example that illustrates this strategy is the multi-million dollar, five-year contract with Etihad Airways, announced on January 30, for IT transformation and cost optimization. Wipro Ltd. (NYSE:WIT) will deploy its FullStride Cloud and integrate GenAI for IT operations with support from its UAE Innovation Lab.

The company is heavily investing in AI, with 50,000 employees now certified in advanced AI, together with ongoing investments in AI tools and platforms. This commitment positions Wipro Ltd. (NYSE:WIT) to capitalize on the growing demand for AI-related services. For the next quarter, it forecasts IT Services revenue between $2.602 billion and $2.655 billion.