Why Wipro shares hit 14 yr high?

Earlier Wipro has proposed to set up IT/ITES zone in Andhra Pradesh on an area of 1.22 hectares land. After reports came out that the government has officially approved Wipro’s proposal on setting up of SEZs in AP, the shares of WIPRO hit a 14-year high. The stock opened at Rs 598 and gone higher to Rs 614. The shares of wipro are trading higher by 3% on National Stock Exchange while the benchmark CNX Nifty was down to 0.06% at 7,960 points.

Since March 2000 on NSE , this is the highest level so far. The otherwise subdued market seemed rejunevated with these trends and Wipro is gaining largely on its proposal on setting up of SEZs. Government clearing the proposal is seen as a major development as the government of AP also agreed to the proposal. The initial phase of SEZ scheme, launched in 2006, saw developers lining up in big numbers for projects.