1. Wipro shares biggest loser on Sensex; stock tumbles nearly 5% ahead of buyback record date

Wipro shares biggest loser on Sensex; stock tumbles nearly 5% ahead of buyback record date

Wipro shares are the biggest loser on the benchmark Sensex on Thursday, a day before the record date of Rs 11,000 crore share buyback i.e., 15 September 2017.

By: | Published: September 14, 2017 10:47 AM
The stock of India’s third largest software services firm Wipro lost 4.88% to the day’s low of Rs 281.6 on BSE today.

Wipro shares are the biggest loser on the benchmark Sensex on Thursday, a day before the record date of Rs 11,000 crore share buyback i.e., 15 September 2017. The stock of India’s third largest software services firm Wipro lost 4.88% to the day’s low of Rs 281.6 on BSE today. The falling shares of Wipro alone shaved off 16 points from the Sensex gains while several blue-chip stocks such as Axis Bank, Reliance Industries, Infosys, ICICI Bank, and Sun Pharma are supporting the index. The Bengaluru based IT company has fixed 15 September as the record date for the buyback offer after it got shareholder approval in August 2017.

Earlier in July 2017, Wipro had announced the proposal to buy back 34.37 crore shares of the company. The Wipro offer represents 7.06% of the fully paid up equity capital of the company. Shares will be bought back at Rs 320 a piece. After the proposed share buyback Wipro now joins the likes of Tata Consultancy Services, Infosys, and Cognizant which had announced buyback offers to reduce surplus cash on their books and to return the same to their shareholders.

Wipro said its net profit grew 1.2% to Rs 2,076.7 crore for the April-June quarter while the total revenue stood at Rs 14,281.4 crore which is marginally higher than the total income in the same period in previous fiscal.

Sensex and Nifty opened higher on Thursday tracking the Wall Street gains as major US indices closed at record highs on Wednesday. BSE Sensex gained 102 points to open at 32,289.26 points while NSE Nifty added 28 points to start at 10,107.4 points. Shares of the oil marketing companies which fell on TV news reports that government may intervene in daily price revision recovered losses after Oil Minister Dharmendra Pradhan yesterday ruled out government intervention to disrupt the daily revision in petrol and diesel prices. The 30-share barometer Sensex was trading 0.41% higher at 32,319.45 points while the broader Nifty 50 was trading 0.42% up at 10,121.7 points.

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