New Delhi: Wipro shares climbed nearly 4 per cent in morning trade on Friday after the company’s board announced share buyback of up to Rs 12,000 crore. The stock jumped 3.64 per cent to Rs 388 on the BSE. It rose 3.63 per cent to Rs 388 on the NSE.
This was the biggest gainer in both Sensex and Nifty. Wipro board on Thursday announced share buyback of up to Rs 12,000 crore through the tender offer route, which includes 26.96 crore equity shares at a buyback price of Rs 445. The buyback price is at an 18 per cent premium to Thursday’s closing price of Rs 374.35 per share on BSE. Wipro reports 0.4 per cent decline in its consolidated net profit to Rs 3,074.5 crore for March 2023 quarter and 1-3 per cent sequential decline in revenue from IT services business in June quarter amid weak macro environment Did.
Wipro’s Q4 FY2023 show was muted as the company reported a net profit of Rs 3,074.5 crore, a decline of 0.4 per cent year-on-year. Revenue grew 11.7 percent year-on-year to Rs 23,190.3 crore. Wipro CEO & MD Thierry Delaporte talks about softening of banking, financial services, CPG and retail sectors due to the current macro environment, but stresses that there is no fundamental change in the deal cycle There has been no reduction in deal size or cancellations. The ramp-down, he said, is limited to discretionary spending.
“In fact, we’re seeing more large deals in our pipeline, and we’re on that,” Delaporte said in the earnings briefing, as he expressed optimism about the company’s ability to win deals. According to a report by HDFC Securities, Institutional Equities, “Wipro reported in-line revenue and operating performance, but provided a weak outlook for Q1 FY24.”