Wipro’s shareholders approve buyback proposal

In the wake of the company’s shareholders approving its buyback proposal, the shares of Wipro shot up by over 2% intraday during Thursday’s trading session. To reiterate, last month the company’s board had approved a buyback proposal to purchase 343.75 million shares at Rs 320 each, amounting to a total of Rs 11,000 crores.
  
“The aforesaid special resolution has been passed through postal ballot and e-voting by members by requisite majority,” Wipro said in a filing to the BSE. Wipro said it has fixed September 15, 2017 as the record date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the share buyback.
 
The stock was trading up by 1.39% at Rs 295 per share on the BSE at 1043 hours. It opened at Rs 295.50 per share and touched its intraday high and low at Rs 296.90 and Rs 294.65 per share, respectively. The stock attracted a total traded volume of 17,71,714 shares and traded value of Rs 5,235.24 lakhs on the NSE at 1045 hours. The stock's 52-week high stood at Rs 297.70 while the 52-week low was Rs 204.05 as on November 9, 2016.
 
The company’s consolidated revenue for the Q1FY18 was Rs 13,626 crores, registering 5.4% QoQ decline. This was driven by 6.4% and 3.2% QoQ decline in the revenue of healthcare, life science and consumer business units, respectively. The PAT for the quarter was Rs 2,083 crores with a QoQ decline of 8.1%.