Societe Generale, a France-based financial services company bought 48 lakh equity shares of IT giant Wipro for ₹ 185.76 crores in a block deal on Tuesday. The average price for the deal was ₹ 387 apiece according to data available on the Bombay Stock Exchange (BSE).
On the other hand, Paribas Arbitrage pared a stake. According to the block deals data available on the BSE, it sold a similar 48 lakh shares at an average price of ₹ 387 per share.
Wipro’s shares saw a marginal impact. Its shares closed at ₹ 388.85 apiece on Tuesday and reached a high of ₹ 392.85 apiece on Wednesday, which is a 1.03% change.
In another development, Wipro has launched a strategic cybersecurity consulting offering in Europe. This announcement is a part of the firm’s vision to build a global cybersecurity consulting offering to help clients stay ahead of a dynamic threat and regulatory environment. In fact, the company had a series of acquisitions in the consulting space —Edgile, Capco, and Ampion.
Wipro is a leading IT company that is listed on the Indian stock exchanges as well as on the New York Stock Exchange. It provides consulting and business process services as well and is the fourth largest player in the Indian IT industry, following TCS, Infosys and HCL Technologies.
The company has a market capitalization of ₹ 2,12,849 crores and is a large-cap company. It has a good return on equity of 20.18%. Wipro’s shares are trading at a price-to-equity ratio (P/E) of 18.91, which is much lower than the industry P/E of 28.44, indicating that the stock might be undervalued. It has a dividend yield of 20.56.
Written by Simran Bafna
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