Wipro shares jump as company considers share buyback on April 27

The shares of IT services major Wipro jumped sharply on Monday after the company said it will consider a share buyback proposal at its board meeting on April 27.

In a stock exchange filing, the company said its board will be considering a proposal to buyback equity shares of the company.

“The outcome of the Board meeting will be communicated to the stock exchanges soon after the conclusion of the Board meeting on April 27, 2023,” added the company. The company will also release its Q4FY23 results on April 27.

The share buyback proposal comes at a time when IT services companies are facing numerous hurdles, with shares under pressure as clients have cut budgets and scaled back projects amid fears of a recession in major economies like the US.

Wipro had last bought back shares in October 2020, selling over 22 crore shares valued at approximately Rs 9,500 crore. At the time, the shares were bought back at a price of Rs 400 apiece.

Shares of Wipro have been under pressure, like its larger peers TCS and Infosys that reported weaker-than-expected Q4 results. The IT company’s shares are down 3.84 per cent from the start of 2023 and nearly 28 per cent in the past one year.

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