Wipro shares in focus as IT major ends work from home after 18 months

: Wipro leaders to return to office after 18 months

Wipro shares rose more than one percent inching towards a 52-week high registered last week.

At 1:00 pm, the Wipro stock traded at Rs 667.8 on BSE, up by 0.85 percent -from its previous close. Wipro outperformed the overall market as the headline Sensex index was down 0.1 percent amid volatile trade. Last week, Wipro had touched a 52-week high of Rs 690.8 as the market soared to record highs.

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The development comes at a time when companies are considering calling their employees back to offices at least partially as vaccinations pick up. Rival IT companies Tata Consultancy Services (TCS) and Infosys have already announced plans to call back some of their employees to offices.

TCS plans to have 70-80 percent of its employees back to offices by the end of 2021 or early next year.  Infosys told its employees in July that they could resume work from offices, according to a memo seen by news agency Reuters.

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Meanwhile, IT stocks have been at the forefront of the latest bouts of rally in the market, taking the wheel from the heavyweight financial services space. Analysts say IT companies are expected to remain in high demand given the prospects of high demand for technology across sectors.