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In a regulatory filing, Wipro said its board of directors will be considering a proposal to buyback equity shares of the company, besides other issues, at a meeting scheduled to be held over April 26-27, 2023.
“The outcome of the Board meeting will be communicated to the stock exchanges soon after the conclusion of the Board meeting on April 27, 2023,” Wipro said in the filing.
The share buyback announcement will be made along with the quarterly results of the company that is also scheduled to be released on April 27.
Wipro’s last share buyback was in FY21 when Azim Premji-affiliated entities had tendered 22.89 crore shares worth about Rs 9,156 crore in between December 29, 2020 and January 11, 2021. Shares were bought back at a price of Rs 400 per equity share.
On Friday, the stock had ended 1.4% higher at Rs 368 on BSE. As investors continue to dump tech stocks amid worries related to demand slowdown in the US and European markets, Wipro shares have lost over 32% of its value from its 52-week high level. The stock is also trading below its 5-year average PE.In its March quarter results, Wipro is expected to deliver revenue growth of 0.5% QoQ in constant currency terms. “We expect Ebit margin to expand by 40bps QoQ driven by higher utilization and currency benefit. We expect deal bookings to fall sequentially from a higher base last quarter, but be in the US$ 600-700m range supported by larger cost takeout deals. Revenue growth guidance for 1QFY24 would be the key thing to watch out for,” Jefferies said.In the March quarter, promoters reduced holdings from 72.94% to 72.92% while FIIs had raised their bet on the underperforming stock from 6.30% to 6.38%.
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