Wipro board to consider share buyback proposal, may follow industry peers

Tata Consultancy Services, Infosys and HCL Technologies have announced buyback of shares in the current financial year for the second consecutive time.

Wipro will consider a proposal for issuing bonus shares to its shareholders in a board meeting on January 17 and 18.

Wipro's industry peers Tata Consultancy Services (TCS), Infosys and HCL Technologies have announced buyback of shares in the current financial year for the second consecutive time.

Infosys announced a buyback worth Rs 8,260 crore last week; TCS for Rs 16,000 crore in June 2018 and HCL Technologies bought back Rs 4,000 crore worth shares in May 2018.

This is reflective of a larger trend wherein domestic IT firms are increasingly following global tech majors like Accenture and IBM in returning surplus cash