Comments
Wipro Ltd has set June 16 as the record date for its ₹12,000-crore buyback plan.
The IT major had fixed a floor price of ₹445 a share. Wipro will buyback up to 26.97 crore shares of face value ₹2 each from the shareholders which are about 4.91 per cent of total paid-up equity shares.
Wipro, in 2020, launched ₹9,500-crore buyback and bought back 23.75 crore shares at ₹400 a share. Historically, the company has announced four share buybacks in 2020, 2019, 2017, and 2016.
Wipro on Friday closed at ₹404.80 on the BSE. Wipro reported a 0.4 per cent year-on-year decline in net profit at ₹3,074.5 crore, owing to the worsening of the macro-environment.
On a sequential basis, profit rose a meager 0.7 per cent from ₹3,052.9 crore last quarter, missing street expectations. Revenue from operations stood at ₹23,190 crore, an 11 per cent y-o-y growth and 0.2 per cent q-o-q decline.
The company had provided modest guidance for the next quarter (Q1 of FY24) at -3 per cent to -1 per cent in constant currency terms. The guidance during the previous quarter was -0.6 per cent to 1.0 per cent.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.