Societe Generale, a France-based financial services company bought more than 18 lakh equity shares of IT giant Wipro in a block deal on Tuesday. It bought another 48 lakh shares almost a week ago, on November 22, 2022. This takes the count to more than 66 lakh shares.
According to block deals data available on the Bombay Stock Exchange (BSE), Societe Generale bought 18,00,164 shares of Wipro at an average price of ₹ 405 apiece, while BNP Paribas Arbitrage sold the same number of shares at an average price of ₹ 405. This takes the value of the shares exchanged to ₹ 72.91 crores.
48 lakh shares were bought earlier, at an average price of ₹ 387 per share, aggregating to ₹185.76 crores. At the same time, BNP Paribas sold a similar 48 lakh equity shares in the company at ₹387 per share.
Wipro’s shares were trading at ₹ 405.70 apiece at 02:39 PM on Wednesday. They touched an intraday high of ₹ 407.00 apiece and an intraday low of ₹ 402.60 on the BSE. 4,98,360 shares changed hands by 02:42 PM.
Wipro is a leading IT company that provides consulting and business process services. It is the fourth largest player in the Indian IT industry, following TCS, Infosys and HCL Technologies. The company is listed on the Indian stock exchanges as well as on the New York Stock Exchange.
The company has a market capitalization of ₹ 2,21,806 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 19.71, which is much lower than the industry P/E of 28.65, indicating that the stock might be undervalued. It has a dividend yield of 1.48.
Written by Simran Bafna
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