{"id":102225,"date":"2023-04-28T15:20:00","date_gmt":"2023-04-28T09:50:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=102225"},"modified":"2023-04-28T14:58:04","modified_gmt":"2023-04-28T09:28:04","slug":"it-stock-in-green-after-board-proposes-buyback-worth-12000-cr-at-15-premium","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/it-stock-in-green-after-board-proposes-buyback-worth-12000-cr-at-15-premium\/","title":{"rendered":"IT stock in green after board proposes buyback worth \u20b9 12,000 Cr at 15% premium"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3715495861\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>In a filing with stock exchanges on Thursday, IT major <strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/WIPRO\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">Wipro<\/a><\/strong> communicated that its board has approved a buyback proposal for equity shares of the company. The large buyback totalling up to a value of Rs 12,000 crore comes after a long pause of two years. The investors cheered the decision taking the stock up by 3.6% to the day\u2019s high of Rs 388 per share.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2997947353\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>The last share purchase by the IT giant took place between late December 2020 and early January 2021. During that period, it bought back 22,89,04,785 shares (aggregating to 96.38% of the total buyback offer). It resulted in a total outflow of Rs 9,156 crore from the company\u2019s reserves.<\/p><p>The board has fixated the floor price of Rs 445 per share for the buyback program. The stock exchange filings stated that the maximum number of shares will be 26,96,62,921 representing 4.91% of the total paid-up equity shares of the company. For the program, it has capped the maximum value of Rs 12,000 crore.<\/p><p>The buyback floor price translates into a premium of 15% from the present trading levels.&nbsp;<\/p><div class=\"trade-content_5\" id=\"trade-1691746585\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>Furthermore, promoters and members of the promoter group have submitted their interest to engage in the buyback process. The company will update on the process, record date, timelines and other details in due time once the proposal is passed with the special resolution by shareholders.<\/p><p>For the March quarter ended 2023 (Q4F23), the company recorded a marginal decline in revenue to Rs 23,190 crore from Rs 23,229 crore for the December 2022 quarter (Q3FY23). However, the net profit for the quarter slightly rose to Rs 3,094 crore from Rs 3,065 crore.<\/p><p>On year on year (YoY) basis, the income was up by 11% from Rs 20,861 crore it clocked in March 2022 quarter (Q4FY22). The profit after tax was almost the same at Rs 3,092 crore.<\/p><p>As per the recent shareholding data for March 31 2023, the promoters own a majority 72.92% stake in Wipro. Domestic institutional investors (DIIs) and foreign investors hold 2.74% and 9.78% stakes respectively. The balance of 14.56% shareholding lies in the hands of the public.<\/p><h4 class=\"wp-block-heading\" id=\"h-disclaimer\"><strong>Disclaimer<\/strong><\/h4><div class=\"wp-block-image\"><figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/02\/warning-disclaimer.png\" alt=\"\" class=\"wp-image-26306\" width=\"256\" height=\"256\"\/><\/figure><\/div><p><strong>The views and investment tips expressed by investment experts\/broking houses\/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.<\/strong><\/p><div class=\"trade-after-content\" id=\"trade-2527125082\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>In a filing with stock exchanges on Thursday, IT major Wipro communicated that its board has approved a buyback proposal for equity shares of the company. The large buyback totalling up to a value of Rs 12,000 crore comes after a long pause of two years. The investors cheered the decision taking the stock up [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":39466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31,1789],"tags":[8797,936,8875,8876,8877,4201],"class_list":["post-102225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-trending-news","tag-latest-stock-market-news","tag-stock-market-news","tag-wipro-latest-news","tag-wipro-q4-results","tag-wipro-share-buyback-2023","tag-wipro-share-price"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IT stock in green after board proposes buyback worth \u20b9 12,000 Cr at 15% premium - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"The last share purchase by the IT giant took place between late December 2020 and early January 2021. During that period, it bought back 22,89,04,785 shares (aggregating to 96.38% of the total buyback offer). It resulted in a total outflow of Rs 9,156 crore from the company\u2019s reserves.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/?p=102225\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IT stock in green after board proposes buyback worth \u20b9 12,000 Cr at 15% premium\" \/>\n<meta property=\"og:description\" content=\"The last share purchase by the IT giant took place between late December 2020 and early January 2021. During that period, it bought back 22,89,04,785 shares (aggregating to 96.38% of the total buyback offer). 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