Wipro sets June 16 as record date, stock up 8% since buyback announcement
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For Q4 FY23, Wipro reported a 0.4 percent year-on-year decline in its consolidated net profit at Rs 3,075 crore, as against Rs 3,087 crore a year ago.
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Wipro shares opened higher on June 5 after IT services firm set June 16 as the record date for its Rs 12,000 crore buyback plan. Ever since the announcement of buyback on April 27, the stock has gained more than 8 percent.
At 10 am, the stock was quoting at Rs 405, after opening at Rs 408. Its previous closing price was Rs 404.95 apiece.
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“The company has fixed Friday, June 16, 2023 as the Record Date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback,” said Wipro in its filing.
The IT major had earlier fixed a floor price of Rs 445 per equity share for the buyback of up to 269,662,921 shares, accounting for 4.91 percent of all equity shares. The floor price is 9.8 percent higher than current market price.
Also Read: Wipro buyback – Should you apply?
For Q4 FY23, Wipro reported a 0.4 percent year-on-year decline in its consolidated net profit at Rs 3,075 crore, as against Rs 3,087 crore a year ago.
Its consolidated revenue from operations stood at Rs 23,190 crore, up 11.2 percent from Rs 20,860 crore recorded in the corresponding quarter last year.
The company expects constant currency revenue in the current quarter to decline by 3 percent to 1 percent. While the numbers disappointed, the buyback announcement has helped boost the stock price.
That said, analysts are increasingly turning negative on the stock. Motilal Oswal Financial Services awaits further evidence of the execution of Wipro’s refreshed strategy, and a successful turnaround from its struggles over the last decade before turning more constructive on the stock.
As per Bloomberg, there are 17 Buy, 12 Hold and 12 Sell calls on the stock with 12-month target price at Rs 390, which indicates 3.7 percent downside from current level.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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