Wipro Rallies Nearly 6% As Board To Consider Share Buyback Proposal

Since the start of this year, Wipro has given strong returns to the investors as the stock has rallied 44 per cent.

Wipro Rallies Nearly 6% As Board To Consider Share Buyback Proposal

Shares of the Bengaluru-based information technology major - Wipro Ltd. - rose as much as 5.89 per cent to hit an intraday high of Rs 355 on the BSE after the company after market hours on Wednesday informed exchanges that its board will discuss proposal to buyback equity shares at a meeting scheduled on October 13.

There was usual than higher volumes in Wipro shares in trade today as a total of 10.45 lakh shares changed hands on the BSE compared with an average of 6.70 lakh shares traded daily in the past two weeks.

Since the start of this year, Wipro has given strong returns to the investors as the stock has rallied 44 per cent from its close of Rs 245 on December 31 despite the markets facing heightened volatility due to Covid-19 pandemic, data from BSE showed.

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On Wednesday, the country's largest IT company, Tata Consultancy Services, announced that it will buy back shares worth Rs 16,000 crore. TCS will be buying a total of 5.33 crore shares at Rs 3,000 per shares.

As of 11:32 am, Wipro traded 5.65 per cent higher at Rs 354, outperforming the Sensex which was up 1.4 per cent.