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Wipro Approves Share Buyback

Wipro Limited
Wipro Limited
Share BuyBacks

IT major Wipro Ltd said on Tuesday, its board has approved buyback proposal over 32.30crore equity shares, i.e, 5.35% of the total paid-up share capital for Rs 10,500-crores. These shares will be bought at a price of Rs325 per share.  It said that said that details on the record date and time concerning the buyback will be announced in the coming days.

Wipro released its earnings for the Jan -March 2019 quarter, reporting a 37.74% increase in consolidated profit on YoY basis for the period to Rs.2,483-cr on the back of a strong performance in its various segments. The company’s revenue from IT services, rose by over 11-pc to Rs15,038cr for the Q4 of 2018-19 from Rs13,824crore last year.

Wipro stock closed lower today, down 2.12pc to Rs281.60 per share on the NSE.

Sensex closed at record high today at 39,275.64, up by 369.80 points.  The Nifty50 closed at 11,787.15, up by 96.80pts