Wipro is right there among the top five gainers on the BSE, jumping up to hit a new high today at Rs.358.30 and remains strong in the green zone. Its 10% UC for the day is at Rs.368.75.
After Majesco and TCS, it is Wipro also which announced that it will be going for a buyback. The Board is scheduled to meet on the 13th Oct to decide on the contours of the buyback. It will announce its earnings on 12th Oct.
Last year, the board of Wipro had approved a Rs.10,500 crore proposal for buying back up to 333 million shares at Rs.325 per share/share. This was 3.69% of its total paid-up equity capital.
With IT companies sitting on surplus cash, buyback is a prudent move to shore up stake, instilling confidence in the market.