Despite the buyback offer, the bearish trend in the stock will keep an eye on the outcome of other IT companies
IT services major Wipro posted a 3.4 per cent decline in net profit for the second quarter ended September to Rs. 2465.7 crore (Rs. 2552.7 crore). The company’s board of directors has set a price target of Rs. To buy back shares at a price of Rs. 9500 crore scheme has been approved. The Bengaluru-based company’s sales stood at Rs. 15114.5 crore.
The company has issued 23.75 crore shares at Rs. To buy back at a price of Rs. 9500 crore has been announced. Which is going to be 4.16 per cent of the company’s total paid-up capital. This is the fourth time Wipro has announced a buyback offer. Earlier, shares were also bought back in 2016, 2017 and 2019.
Extreme volatility in stocks, decline
The stock is trading at Rs. 378 after opening at Rs. 381.70. But due to continuous profit-booking pressure, at one stage it fell to Rs. 373 last Rs. 376.65 was closed. Which is Rs. 1.80 (0.48 per cent).
Eximius will buy the design for $ 8 crore
Wipro has raised about Rs. The engineering services company has announced the purchase of Eximius Design for 6 586.3 million (8 80 million). With this acquisition, Wipro will be able to gain new markets and customers. Eximius Design currently has 1,100 employees and has revenue of .2 35.2 million in 2019.
The best quarter in terms of revenue
Wipro CEO-MD Thierry Delaport said the September quarter proved to be the best with growth in revenue with growth in margins-cash generation. There is strong optimism that the company’s business opportunities will grow. Seeing that, Revenue Guidance has improved.
Wipro’s past buyback offers
Take a look at the 2020 buyback offers
|Thomas Cook 5||7.5|
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