Wipro gains 7% on buyback proposal

Wipro gains 7% on buyback proposal

AgenciesUpdated: Thursday, October 08, 2020, 10:04 PM IST
article-image
Wipro logo |

Shares of IT services major Wipro zoomed over 7 per cent at close of trade on Thursday after the company said its board will consider a buyback plan on October 13.

The stock jumped 7.22 per cent to close at Rs 359.45 on the BSE. During the day, it gained 9.69 per cent to trade at Rs 367.75 — its 52-week high.

On the NSE, it rose by 7.34 per cent to settle at Rs 359.90.

Its market valuation jumped Rs 13,847.91 crore to Rs 2,05,423.91 crore on the BSE.

On traded volume, 28.66 lakh shares were traded on the BSE and over 10.72 crore on the NSE. The announcement comes close on the heels of larger rival Tata Consultancy Services' board clearing an up to Rs 16,000 crore buyback plan.

"...the board of directors will be considering a proposal of buyback of equity shares of the company at the...meeting scheduled to be held on October 13, 2020," Wipro said in a regulatory filing.

However, no other details were provided.

"The outcome of the board meeting will be communicated to the stock exchanges soon after the conclusion of the Board meeting on October 13, 2020," it added.

RECENT STORIES

Marico Aims To Double Revenue To ₹20,000 Crore By 2030, Eyes Growth Through Innovation And Digital...

Marico Aims To Double Revenue To ₹20,000 Crore By 2030, Eyes Growth Through Innovation And Digital...

Cipla To Enter India’s Weight Management Market, Strengthens CNS & AMR Focus

Cipla To Enter India’s Weight Management Market, Strengthens CNS & AMR Focus

NLC India In Final Talks With Russian PSU For Lithium Sourcing, Eyes Mali Mine Stake In Africa

NLC India In Final Talks With Russian PSU For Lithium Sourcing, Eyes Mali Mine Stake In Africa

India, US Inch Closer To Interim Trade Pact, Tariff Uncertainty Looms Amid Key Unresolved Issues

India, US Inch Closer To Interim Trade Pact, Tariff Uncertainty Looms Amid Key Unresolved Issues

Top 8 Indian Firms Lose ₹2.07 Lakh Crore In Value, TCS & Airtel Take The Biggest Hit

Top 8 Indian Firms Lose ₹2.07 Lakh Crore In Value, TCS & Airtel Take The Biggest Hit