Wipro hits 52-week high as board considers buyback plan

Wipro

MUMBAI : Shares of Wipro jumped as much as 9.69% to hit a 52-week high of ?367.75 apiece on Thursday after the IT major said its board will consider a buyback on 13 October 2020.

At 1:04 pm, Wipro was trading at ?364.70 apiece, up 8.78% from its previous close, while the benchmark Sensex advanced 1.31% to 40,403.08.

“The outcome of the board meeting will be communicated to the stock exchanges soon after conclusion of the board meeting on October 13, 2020,” Wipro said in a statement after market hours.

The firm will announce its Q2 results on 13 October.

Wipro reported a 2.82% rise in consolidated net profit to ?2,411.50 crore for the quarter ended 30 June against ?2345.2 crore in Q4FY20. Net sales decreased 5.07% to ?14,913.10 crore during Q1FY20 versus ?15,711 crore in Q4FY20.

From the beginning of the year, Wipro gained 48% against a drop of 2% in the benchmark index, Sensex. The scrip has surged 119.95% from its 52-week low of Rs159.60 hit on 19 March 2020, while Sensex was up 51%.

News Source:- livemint

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