Wipro stock climbs nearly 3% after IT major announces Rs 12,000 crore share buyback plan

Wipro's share jumped nearly 3 per cent in the morning trade after the IT major on Thursday announced its quarterly results and approved a share proposal to buyback worth Rs 12,000 crore.

By: Express Web Desk

New Delhi | Updated: April 28, 2023 03:58 PM IST

2 min read

Wipro’s revenue from IT services in the March quarter jumped 4 per cent YoY to $2,823 million. (File image)

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Wipro’s share jumped nearly 3 per cent in the morning trade on Friday after the IT major on Thursday announced its quarterly results and approved a share proposal to buyback worth Rs 12,000 crore.

The IT major’s stock ended 2.89 per cent higher at Rs 385.15 on BSE. Sensex today climbed 463 points to 61,112.44, while Nifty 50 gained 150 points, or 0.84 per cent to 18,065.

On Thursday, Wipro announced that its consolidated revenue from operations climbed 11 per cent YoY to Rs 23,190 crore, and its Q4 net profit fell 0.4 per cent year-on-year (YoY) to Rs 3,074 crore.

Wipro’s revenue from IT services in the March quarter jumped 4 per cent YoY to $2,823 million.

The company also said that Wipro’s board has approved a share buyback proposal of 26,96,62,921 equity shares for an aggregate amount of Rs 12,000 crore at a price of Rs 445 per share.

“We closed FY23 with the strongest ever bookings recorded in a year. We delivered two consecutive quarters of total bookings of over $4.1 billion. Our large deal order booking grew by 155% year-over-year for the quarter,” Wipro’s CEO and MD Thierry Delaporte said. He added, “We are also pleased to announce our share buyback, which is part of our philosophy to deliver consistent returns to shareholders.”

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