Wipro In its Board meeting the consideration of interim dividend of Rs. 5 per share par value of Rs. 2 each for the financial year 2021-22. The ex-date or the date by which the investor should buy into the scrip to be eligible for the prescribed dividend or the date when the stock price is adjusted in respect of the declared dividend in the case of Wipro is 5th April, 2022. specified above DividendThe Board has fixed Wednesday, April 6, 2022, as the “record date” for the purpose of ascertaining the eligibility of shareholders for payment of interim dividend. In addition, the interim dividend will be paid on or before April 24. , 2022.
Importantly, an interim dividend of Rs. The 5 announced for FY22 is the highest in the last 5 years. Earlier, the IT major had donated Rs. 5 Interim Dividend for the FY 2015-16 which was declared on 6th January 2016. Also, for this in FY 2022 itself, the company also announced 50 per cent or Rs. 1 interim dividend for which the stock became ex-dividend on January 21, 2022.
Wipro is the fourth largest IT services company in India by revenue after Tata Consultancy Services Ltd, Infosys Ltd and HCL Technologies Ltd. Wipro has a globally diversified presence and provides comprehensive IT services to an established customer base.
Fitch Ratings has confirmed India-based Wipro Limited’s long-term foreign- and local-currency issuer default ratings (IDRs) at ‘A-‘. Outlook is stable. We have also reaffirmed Wipro’s Senior Unsecured Ratings ‘A-‘ and ‘A-‘ ratings on senior notes of USD 750 million due 2026, issued by Wipro IT Services, LLC and guaranteed by Wipro.
“The rating reflects Wipro’s strong market position in the global IT services industry, improving business performance, strong industry growth, stable profitability and cash generation, and a conservative capital structure. We expect Wipro to maintain its net cash position over the medium term,” the Fitch note noted.
Wipro: What do analysts say about the stock?
Venil Shah, Equity Analyst – PMS, Prabhudas Lilladher said: “Wipro is poised for a strong transformation with significant changes in organization structure, leadership profile and bench strength. The priority on growth is reflected, particularly in the strong customer growth in the $50 million/$100 million bucket and the large acquisition of CAPCO. Given the visibility of growth, valuations provide a good margin of safety. They declared an interim dividend of Rs 5/share, indicating return of dividend as the preferred mechanism of distributing money to shareholders as compared to buyback. We remain positive on the stock given a strong demand outlook, improving win rate and early signs of narrowing of the talent pool.”
Divam Sharma, Founder, Green Portfolio said, “Long-term investors can consider buying Wipro. The stock has seen a decent correction in the last 3 months and looks comfortable on valuations at current levels.”
Santosh Meena, Head of Research, Swastika Investmart Ltd. said: “The outlook for the industry and Wipro is bullish, however investors should not buy stake on dividend-only basis as historically, IT stocks underperformed in April, whereas Technically, Wipro is.With strong resistance near the 620 level, which is a group of its 20 and 100-DMA, therefore, we can expect some pressure from here. On the downside, 540 is a strong one. The base is where investors can look for buying opportunities.”
At 14:48, Wipro was trading at Rs 602.50, up Rs 2.30 or 0.38 per cent on the NSE.
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