Wipro has approved a Rs 12,000 crore share buyback at Rs 445 per share. Currently, the stock trades at a 16 per cent discount to the buyback price.
The agreement expands on the two companies' existing partnership and is expected to help accelerate Wipro's goal of building a $1 billion business with ServiceNow by the end of 2026
The media group owes Wipro $9.9 million after the latter won an arbitration award
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The partnership will deliver faster cloud migration tied to business outcomes
A survey conducted by staffing firm Xpheno found that the proportion of women employees increased 6.5% at the top IT companies in FY23
The IT services major intends to buy back about 4.91 per cent of its shares at Rs 445 per share through tender route
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Wipro net dips 0.4% in Q4, guides for revenue contraction in current quarter
Net profit for the full year FY23 dipped 7.16 per cent to Rs 11,366.50 crore
IT services firm initiated a similar programme in 2020 worth Rs 9,500 crore
The IT major also approved a share buyback for 2.69 crore shares at Rs 445 per share
CLOSING BELL: The S&P BSE Sensex, meanwhile, rallied 349 points to settle at 60,649
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Wipro Q4FY23 preview: As per an average of brokerage estimates, the company could report an average of Rs 23,586 crore of revenue, up 12-13.2 per cent year-on-year (YoY)
The firing spree was not limited to back-office jobs and affected big tech companies, including Amazon, Meta, Microsoft, and Google parent Alphabet, among others
In past one year, Wipro has underperformed the market by falling 29%, as compared to 6% rise in the S&P BSE Sensex.
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Indian IT services players have been using the buyback route in the recent past
The outcome of the board meeting will be communicated to the stock exchanges soon after conclusion of the board meeting on April 27