IT company Wipro has announced its share buyback. Wipro has said in its statement that we will buy back Rs 9500 crore from the stock market. For this 7% premium will be given to the investors. Recently Wipro has released its economic results for the second quarter. IT company Wipro reported a net profit of ₹ 2465 crore in the second quarter. This profit is down about 3.5% from the previous quarter.
Wipro to buy back shares worth Rs 9500 crore from market
While announcing its second quarter results, Wipro has announced that it will buy back from the stock market a share of Rs 9500 crore with a 7 percent premium. The company has stated in its statement that 23.75 crore equity shares will be bought back. This would be 4.0% of the total tree up equity share. The price of ₹ 400 has been kept for this. The company’s stock closed at ₹ 375 on Tuesday. On this basis, the company has fixed the share price with a 7% premium.
IT company is excited about its future
It has been told by the company’s MD that we are excited about the future. He said that our quarterly results have been encouraging. The MD of Wipro Company said that our cashflow has been very strong.
IT company Wipro said that our profit in the coming quarter could be $ 206 crores. Which is currently up to 3.5%.
The company’s operating officer Jatin Dalal has said that we want to give consistently good returns to our investors. For this, we have announced buyback of shares.
Wipro company shares rise sharply
In recent days, it has been seen that the shares of Wipro Company have seen a lot of momentum. This had greatly benefited the investors. The total revenue of the company decreased marginally to Rs 15114 crore. The company’s revenue was Rs 15125 crore in the same quarter last year.
For the information, let us know that last week IT company TCS also released its quarterly figures. TCS’s profit fell by about 7%. TCS also announced a share buyback. For this, TCS announced a 9.50% premium to investors. TCS will buy back shares worth a total of Rs 16000 crore.