Bengaluru-based IT significant today declared that it will consider an offer buyback proposition on April 27 alongside the arrival of its Walk quarter report card.
According to a regulatory filing, Wipro’s board of directors will, among other things, consider a proposal to buy back equity shares of the company at a meeting scheduled for April 26-27, 2023.
Wipro In Profit
They stated in the filing that “The outcome of the Board meeting will be communicated to the stock exchanges shortly after the conclusion of the Board meeting on April 27, 2023.” The offer buyback declaration will be made alongside the quarterly consequences of the organization that is additionally booked to be delivered on April 27.
In FY21, Azim Premji-affiliated entities offered 22.89 million shares worth approximately Rs 9,156 crore to Wipro between December 29, 2020 and January 11, 2021. This marked the company’s most recent share buyback. The equity shares were purchased back at a price of Rs 400 each.
On Friday, the stock had finished 1.4% higher at Rs 368 on BSE. Wipro shares have lost over 32% of their value from their 52-week high level as investors continue to dump tech stocks due to concerns about a slowdown in demand in the US and Europe. The stock is additionally exchanging underneath its 5-year normal PE
In its Walk quarter results, Wipro is supposed to convey income development of 0.5% QoQ in consistent money terms. ” We anticipate that deal bookings will decrease sequentially from a higher base in the previous quarter, but they will remain in the range of US$ 600-700 million, supported by larger cost takeout deals.
“The most important thing to keep an eye on would be revenue growth guidance for 1QFY24,” Jefferies stated. In the Walk quarter, advertisers diminished possessions from 72.94% to 72.92% while FIIs had raised their wagered on the failing to meet expectations stock from 6.30% to 6.38%.
