Wipro gets shareholders’ nod for buyback, stock prices rise

NEW DELHI: Shares of Wipro were trading higher in early trade after the IT major announced that it has received shareholders' nod for buyback of equity shares.

The scrip was trading 0.17% up at Rs 291.45 around 9.30 am (IST). Shares of the company opened at Rs 291.10 and touched a high and low of Rs 291.90 and Rs 291.10, respectively, in trade so far. Benchmark BSE Sensex was up 211 points, or 0.67%, at 31,599.

Shares of the company had hit their fresh 52-week high of Rs 297.65 on August 2, 2017 and 52-week low of Rs 205 on November 9, 2016.

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Wipro board last month approved a buyback proposal to purchase 343.75 million shares at Rs 320 each, leading to a total of Rs 11,000 crore.

Infosys, Tata Consultancy Services and MindTree have also announced announced share buybacks this year.

For the quarter ending September 30, Wipro has forecasted revenue in the range of $1.96-2 billion, implying either a drop of 0.5% or a growth of 1.5%.