BENGALURU, April 22 Reuters Shares of Wipro rose as much as 2.4 on Monday, after India39;s No.4 software services exporter posted betterthanexpected fourthquarter results, while some analysts pinned hopes on new CEO Srinivas Pallia to anchor a turnaround.

Its shares were up 1.8 at 460.60 rupees by 1010 a.m. IST, leading gains on the Nifty IT index, which is up 0.3.

Still, the stock has lost about 4 so far this year, while larger rivals Tata Consultancy Services and Infosys have gained 1.4 and shed 8.5 respectively.

Wipro39;s quarterly revenue and profit came ahead of estimates, and Pallia said he will prioiritise growth at a time when India39;s 254 billion IT services industry grapples with reduced client spending due to high interest rates, geopolitical risks and economic uncertainty.

We believe the new CEO will have to build upon the simplification of the organization that happened under Thierry Delaporte and improve deal wins, said Ambit Capital in a note.

We believe he Pallia likely has a 3year runway to deliver industry matching if not industry leading growth, wrote Nirmal Bang Institutional Equities in a note.

Earlier this week, Wipro39;s bigger rivals Infosys and Tata Consultancy Services posted lowerthanexpected fourthquarter revenue.

At least nine analysts cut their target price on Wipro after its results per LSEG data, and at least 11 downgraded the stock. The sellrated stock39;s median target price has dropped to 445 rupees from 455 rupees on March…