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      Wipro surges after boards nod for share buyback

      MoM Team / Mumbai, Jul 21, 2017 09:36 AM IST

        Wipro surges after boards nod for share buyback

        Wipro jumped 7.4 percent to Rs 289 on BSE after the company at the time of announcing Q1 results said that its board approved buyback of shares up to Rs 11000 crore.

        Meanwhile, the S&P BSE Sensex was up 61.30 points or 0.19 percent at 31,965.70.

        On the BSE, 7.06 lakh shares were traded on the counter so far as against the average daily volumes of 2.42 lakh shares in the past one quarter. The stock had hit a high of Rs 291 so far during the day, which is a 52-week high. The stock hit a low of Rs 280 so far during the day. The stock had hit a 52-week low of Rs 205 on 9 November 2016.

        The stock had outperformed the market over the past one month till 20 July 2017, advancing 5.88 percent compared with the Sensex's 1.94 percent rise. The stock had, however, underperformed the market over the past one quarter, gaining 7.6 percent as against the Sensex's 8.44 percent rise. The scrip had also underperformed the market over the past one year, sliding 0.11 percent as against the Sensex's 14.29 percent rise.

        The large-cap company has equity capital of Rs 973.28 crore. Face value per share is Rs 2.

        Wipro's consolidated net profit fell 8.13 percent to Rs 2082.60 crore on 3.09 percent fall in net sales to Rs 13626.10 crore in Q1 June 2017 over Q4 March 2017. The result was announced after market hours yesterday, 20 July 2017. The results are as per International Financial Reporting Standards (IFRS).

        The company's consolidated revenue from IT services segment in dollar terms rose 0.9 percent to $1,971.7 million in Q1 June 2017 over Q4 March 2017.

        Jatin Dalal, Chief Financial Officer of Wipro said that the impact on operating margins by rupee appreciation and salary increases was partially offset by strong business efficiencies. The company continues to sustain robust cash generation.

        Wipro expects revenue from IT Services business to be in the range of $1,962 million to $2,001 million in Q2 September 2017.

        Wipro's board of directors approved a buyback proposal of up to 34.37 crore shares (representing 7.06 percent of total paid-up equity capital) from the shareholders of the company on a proportionate basis by way of a tender offer at Rs 320 per equity share for an aggregate amount not exceeding Rs 11000 crore. Promoters have indicated their intention to participate in the proposed buyback.

        Wipro is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better.


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      Source: Capital Market


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