Wipro stock gains over 5% as board to consider share buyback on October 13

Wipro share price rose over 5% today after the IT firm announced its board would consider a share buyback on October 13. Share price of Wipro rose up to 5.5% to  Rs 353.7 against previous close of Rs 335.25 on BSE.  The stock has gained 6.44% in last two days.

The share opened with a gain of 4.01% at Rs 348.70. The share has gained 48.18% in one year and 42.87% since the beginning of this year.

In a month, the share has gained 24.5%.

"...the Board of Directors will be considering a proposal of buyback of equity shares of the company at the...meeting scheduled to be held on October 13, 2020," Wipro said in a regulatory filing. However, no other details were provided.

"The outcome of the Board meeting will be communicated to the stock exchanges soon after conclusion of the Board meeting on October 13, 2020," it added.

The firm will also announce its Q2 earnings on the same day. 

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Wipro's share buyback announcement comes on a day when its peer Tata Consultancy Services Board has cleared an up to  Rs 16,000-crore buyback plan.

On October 7, board of TCS approved a share buyback proposal for an aggregate amount not exceeding Rs 16,000 crore.

The IT major plans to buy back up to 5.33 crore equity shares of the company. TCS proposed to carry out the buyback at Rs 3,000 per share, which was at 9.6 per cent premium to closing price of Rs 2,737.40 on October 6.

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