Wipro gains after fixing record date for buyback

Wipro rose 1.44% to Rs 295.85 at 10:31 IST on BSE after the company fixed 15 September 2017 as the record date for the proposed share buyback.

The announcement was made after market hours yesterday, 30 August 2017.

Meanwhile, the S&P BSE Sensex was down 55.41 points, or 0.18% to 31,591.05.

On the BSE, 2.79 lakh shares were traded in the counter so far, compared with average daily volumes of 2.92 lakh shares in the past one quarter. The stock had hit a high of Rs 296.90 and a low of Rs 294.65 so far during the day. The stock hit a 52-week high of Rs 297.65 on 2 August 2017. The stock hit a 52-week low of Rs 205 on 9 November 2016.

The stock had outperformed the market over the past one month till 30 August 2017, falling 0.88% compared with 2.85% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 7.67% as against Sensex's 1.63% rise. The scrip had also outperformed the market in past one year, rising 18.92% as against Sensex's 11.23% rise.

The large-cap company has equity capital of Rs 973.33 crore. Face value per share is Rs 2.

Wipro said it has fixed 15 September 2017 as the record date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in share buyback.

The company's board on 20 July 2017, approved a buyback proposal of up to 34.37 crore shares (representing 7.06% 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's consolidated net profit fell 8.13% to Rs 2082.60 crore on 2.58% fall in net sales to Rs 13626.10 crore in Q1 June 2017 over Q4 March 2017.

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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