Wipro’s share price rose nearly 2% after it announced that the company’s board would consider a share buyback proposal on April 27.
Were trading on Wipro’s stock 372, indicating a 1.5% rise in the share price on Monday at the Bombay Stock Exchange (BSE).
The stock price draws attention as the company’s board prepares to consider a share buy back Resolution accompanying the disclosure of March quarter results of the company.
Wipro did share buyback earlier 9,500 crore in 2020, during which it bought 23.75 crore shares at Rs. 400 each. According to data from Aceequity, the company had completed the withdrawal of these shares on January 21, 2021.
Wipro share on Friday 368, indicating an increase of 1.5% in its stock price.
Earlier, in 2019, Wipro had announced a share buyback proposal 10,500 crore, of which 32.31 crore shares were bought back at Rs. 325 per share.
In 2017, the company announced another buyback proposal 11,000 crore, including an offer to buy back 34.37 crore shares at Rs. 320 each. At that time, the buyback was 7.06% of the total paid-up share capital.
For Q4FY23, Motilal Oswal’s preview note said, Wipro’s growth should remain subdued and within the management’s guidance provided in 3QFY23 due to slow revenue conversion and weakness in consulting.
Also, counseling should remain soft while clients continue to cut back on discretionary spending. The brokerage expects margins to remain flat sequentially.
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