Wipro share hits all-time high as firm opens Rs 9,500-cr share buyback

Wipro share hit a fresh all-time high after the firm opened its Rs 9,500-crore share buyback programme today. The buyback will be carried out till January 11. The share tendering exercise comprises 4.2 per cent of Wipro's total paid-up equity capital.

Stock of Wipro gained 1.97% to hit all time high of Rs 390.40 against previous close of Rs 382.85 on BSE.

Wipro stock has gained 0.72% in the last 2 days. Wipro share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The stock has gained 55.47% in one year and risen 56.52% since the beginning of this year. In a month, the share has gained 9.83%. Market cap of the firm rose to Rs 2.20 lakh crore on BSE.

Wipro received approval from capital market regulator SEBI to launch a share buyback programme on December 22. The IT major plans to buy back up to 23.75 crore shares at a face value of Rs 2 each at a price of Rs 400 per share.

Wipro shareholders had approved the share buyback proposal on November 17, a month after its board approved the plan. Over 99.78 per cent votes were cast in favour of the buyback offer.

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In 2019, Wipro had undertaken a buyback programme of 32.31 crore shares at Rs 325 apiece, amounting to about Rs 10,500 crore.

Last week, the share touched record high of Rs 387.35 after the IT firm signed a $700-million deal with Germany's general store firm, Metro AG.  The deal will see over 1,300 staff of the German wholesaler move to the Indian IT company.

"The estimated deal value for the duration of the first five years is approximately $700 million. With the intention to extend up to four additional years, it can be a potential spend of up to $1 billion," Wipro said.

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