Shares of Wipro climbed nearly 3 per cent on Friday after the company’s board announced a share buyback of up to Rs 12,000 crore.
The stock gained 2.89 per cent to settle at Rs 385.15 per piece on the BSE. During the day, it jumped 3.64 per cent to Rs 388.
On the NSE, it climbed 2.75 per cent to end at Rs 384.70 each. It was the biggest gainer among the Sensex firms.
The company’s market valuation jumped Rs 5,933.21 crore to Rs 2,11,373.41 crore. In volume terms, 5.10 lakh shares of the firm were traded on the BSE and over 1.38 crore shares on the NSE during the day.
The Wipro board on Thursday announced a share buyback of up to Rs 12,000 crore through the tender offer route, entailing 26.96 crore equity shares at a buyback price of Rs 445 apiece.
The buyback price is at an 18 per cent premium to Thursday’s closing price of Rs 374.35 a share on BSE.
Wipro posted a 0.4 per cent decline in its consolidated net profit to Rs 3,074.5 crore for the March 2023 quarter and guided for a 1-3 per cent sequential decline in revenue from IT services business in the June quarter amid a weak macro environment.
The revenue rose 11.7 per cent year-on-year to Rs 23,190.3 crore. “Wipro reported in-line revenue and operating performance but provided a weak outlook for Q1 FY24,” according to a report by Institutional Equities, HDFC Securities.
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