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Wipro Rises 6.5%; Mcap up Rs 8,475 Crore on Buyback Announcement

Wipro on Thursday announced a mega buyback offer of Rs 11,000 crore, joining the growing roaster of IT firms returning surplus cash to their shareholders.

PTI

Updated:July 21, 2017, 4:38 PM IST
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Wipro Rises 6.5%; Mcap up Rs 8,475 Crore on Buyback Announcement
In this file photo, the Wipro campus is seen in Bangalore. (Photo: Reuters)
New Delhi: Shares of Wipro on Friday ended with 6.5 percent gains after the company announced a mega buyback offer of Rs 11,000 crore and posted a 1.2 percent rise in consolidated net profit for the April-June quarter.

The stock jumped 6.47 percent to settle at Rs 286.40 on BSE. During the day, it soared 8.17 per cent to Rs 291 -- its 52-week high.

On NSE, it surged 6.27 percent to close at Rs 286.05. The company's market valuation also rose sharply by Rs 8,474.83 crore to Rs 1,39,373.83 crore.

On the volume front, 21.03 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.

The stock was the biggest gainer on both the key benchmark indices during the day.

"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 on Thursday 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 percent 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 percent 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.
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