Wipro gains as board to consider share buyback

Wipro rose 2.71% to Rs 583.60 at 11:55 IST on BSE after the company said its board will consider a proposal to buy back shares of the company on 20 April 2016.

The announcement was made after market hours yesterday, 12 April 2016.

Meanwhile, the BSE Sensex was up 418.83 points, or 1.67%, to 25,564.42.

On BSE, so far 54,000 shares were traded in the counter, compared with an average volume of 98,425 shares in the past one quarter. The stock hit a high of Rs 591.95 and a low of Rs 581.25 so far during the day. The stock hit a 52-week high of Rs 622.25 on 15 April 2015. The stock hit a 52-week low of Rs 508.90 on 29 February 2016. The stock had outperformed the market over the past one month till 12 April 2016, rising 5.05% compared with 1.73% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 3.50% as against Sensex's 1.88% rise.

The large-cap IT company has an equity capital of Rs 494.14 crore. Face value per share is Rs 2.

Wipro rose after the company after market hours yesterday, 12 April 2016, announced that the board of directors will consider a proposal for buyback of equity shares of the company at its meeting on 20 April 2016. Wipro is scheduled to announce its Q4 March 2016 results after trading hours on 20 April 2016.

As of 31 December 2015, Wipro had cash and cash equivalents of Rs 8997 crore.

As of 31 December 2015, promoter held 73.35% stake in Wipro.

Wipro's consolidated net profit declined 0.05% to Rs 2234.10 crore on 3.06% growth in net sales to Rs 12951.60 crore in Q3 December 2015 over Q2 September 2015.

Wipro is a leading information technology, consulting and business process services company.

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