Shares of Wipro today surged over
8 per cent to touch its one-year high level after the company
announced a mega buyback offer of Rs 11,000 crore and posted a
1.2 per cent rise in consolidated net profit for the April-
June quarter.
Shares of Wipro today surged over
8 per cent to touch its one-year high level after the company
announced a mega buyback offer of Rs 11,000 crore and posted a
1.2 per cent rise in consolidated net profit for the April-
June quarter.
The scrip of India's third largest IT firm opened the day
on a bullish note and further soared 8.17 per cent to Rs 291
-- its 52-week high level -- on BSE.
On NSE, it zoomed 8 per cent to touch its one-year high
of Rs 290.90.
The stock was the biggest gainer on both the key
benchmark indices during the morning trade.
"Wipro announced a good set of numbers. On the positive
side, the board of directors approved a buyback proposal,"
said Sarabjit Kour Nangra, VP Research - IT, Angel Broking.
Wipro yesterday announced a mega buyback offer of Rs
11,000 crore, joining the growing roaster of IT firms
returning surplus cash to their shareholders.
"The Board of Directors approved a buyback proposal,
subject to the approval of shareholders through postal ballot,
for purchase by the company of up to 343.75 million equity
shares of Rs 2 each (representing 7.06 per cent of total
equity capital)," Wipro said in a statement.
The buyback price will be Rs 320 (USD 4.95) per equity
share for up to Rs 11,000 crore (USD 1.7 billion), it added.
Share buybacks improve earnings per share and return
surplus cash to shareholders while also supporting share price
during periods of sluggish market conditions.
Besides, Wipro has posted a 1.2 per cent rise in its
consolidated net profit at Rs 2,076.7 crore for the April-June
quarter.
The Bengaluru-based firm had registered a net profit of
Rs 2,052 crore in the year-ago period. Its total income grew
marginally to Rs 14,281.4 crore during the first quarter.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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