Company earned profit
Wipro’s board has approved a proposal to buy back a total of 26,96,62,921 shares. This is equivalent to 4.91 per cent of the total paid-up equity shares of the company. Bengaluru-headquartered company Wipro has earned a net profit of Rs 3,074.5 crore in the recently ended quarter. Due to this, the company had earned a net profit of Rs 3,087.3 crore in the same quarter last year.
Stock surged after announcement of buyback
Explain that while announcing the March quarter results, the company’s board has approved a share buyback offer of Rs 12,000 crore. This will be the biggest buyback ever. Since the announcement of the buyback, there has been a jump in the shares of the company. The shares have gained 8 per cent so far. However, today i.e. on Monday, there has been a decline in the shares. Wipro shares today closed down at Rs 404.55.
Buyback was also done in the year 2021
Wipro had bought back shares in the month of January 2021 as well. Then the price of one share in buyback was fixed at Rs 400 per share. The size of the buyback was Rs 9500 crore. Apart from Wipro, many other companies have also bought back their shares.
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