Wipro surges on share buyback proposal

Wipro advanced 5.01% to Rs 272.50 at 9:53 IST on BSE after the company said it will consider share buyback proposal on 20 July 2017, in its board meeting scheduled for announcing Q1 June 2017 results.

The announcement was made after market hours on Friday, 14 July 2017.

Meanwhile, the S&P BSE Sensex was up 83.03 points or 0.26% at 32,103.78.

On the BSE, 1.56 lakh shares were traded on the counter so far as against the average daily volumes of 2.33 lakh shares in the past one quarter. The stock had hit a high of Rs 273.90 and a low of Rs 264.70 so far during the day. The stock had hit a 52-week high of Rs 288.75 on 13 July 2016 and a 52-week low of Rs 205 on 9 November 2016.

The stock had underperformed the market over the past one month till 14 July 2017, advancing 1.35% compared with the Sensex's 2.78% rise. The stock had also underperformed the market over the past one quarter, gaining 4.89% as against the Sensex's 8.69% rise. The scrip had also underperformed the market over the past one year, sliding 9.06% as against the Sensex's 14.6% rise.

The large-cap company has equity capital of Rs 973.23 crore. Face value per share is Rs 2.

Wipro's consolidated net profit rose 7.2% to Rs 2267 crore on 2.16% rise in net sales to Rs 14062 crore in Q4 March 2017 over Q3 December 2016.

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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