Wipro gains 3% as board to mull bonus issue in a meeting on Oct 16-17

Wipro bonus issue: Wipro bonus issue: The board will consider bonus issue in a board meeting from October 16 to October 17

Wipro bonus issue: Wipro's share price gained 3.1 per cent on Monday (October 14), recording an intraday high of Rs 545.35 per share. As per its exchange filing, the company's board will mull over the bonus issue proposal in a meeting on October 16, to October 17, 2024.

 

At around 9:26 AM, Wipro shares were up 2.15 per cent at Rs 540.3 per share. In comparison, the BSE Sensex was up 0.34 per cent at 81,655.47 at around the same time. The market capitalisation of the company stood at Rs 2,82,655.48 crore at around the same time.

 

"The board of directors of the company will be considering a proposal for issue of bonus shares..at its meeting scheduled to be held over October 16-17, 2024," the filing read.

 

Bonus shares are surplus shares given to existing shareholders without any extra cost, based on the number of shares they already own. This process increases the total number of shares outstanding but does not change the overall market capitalisation of the company.

 

Wipro bonus history
 

In the past, the information communication (IT) company, had issued bonus shares for its investors 5 years ago on May 6, 2019, in a 1:3 ratio. Other than that Wipro issued bonus shares in 2017 as well in 1:1 ratio.

 

In June 2010, one of the 6 leading Indian Big Tech companies, issued bonus shares in a ratio of 2:3.

 

Meanwhile, Wipro's board will consider financial results for the quarter ended July to September quarter, on Thursday, October 17, after market hours.

 

In the June quarter, the Bengaluru-headquartered IT company posted a 4.6 per cent year-on-year (Y-o-Y) increase in its consolidated net profit at Rs 3,003.2 crore against Rs 2,587.8 crore. Wipro's revenue also declined 3.8 per cent to Rs 21,963.8 crore against Rs 17202.8 crore in the corresponding quarter of the previous year.

 

Wipro CEO and MD Srini Pallia had said that the firm is "confident" in its ability to execute better on bookings and profitable growth in Q2, while it continues to build on ai360 strategy and prepare its workforce for an AI-first future.

 

In the past one year, Wipro shares have gained 28.6 per cent against Sensex's rise of 23 per cent.