Friday, 21 July 2017

Wipro Shares Surged More Than 8 Percent Intraday After Higher Than Expected Worth

Wipro shares surged more than 8 percent intraday after higher-than-expected worth of share buyback and good June quarter earnings despite subdued Q2 dollar revenue guidance and analysts' negative stance.

The India's third largest IT firm Wipro on Thursday announced a mega buyback offer of Rs 11,000 crore, joining the growing roaster of IT firms that are returning surplus cash to their shareholders.

The company will purchase up to 343.75 million equity shares of Rs 2 each and the buyback price will be Rs 320 per equity share for up to Rs 11,000 crore.

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