Wipro Board to consider share buyback on April 27, shares trade in green

Wipro share price: Wipro shares traded over 1 per cent higher on Monday, April 24 after the company announced its board will consider a buyback of shares in the next board meeting.

“The Board of Directors of the Company will be considering a proposal to buyback equity shares of the Company and the matters necessary and incidental thereto….. at its meeting scheduled to be held over April 26 - 27, 2023,” the company filing read.

Further, the IT major added, 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,

Last seen, shares of Wipro traded 1.25 per cent on the upside at Rs 372.65 apiece on NSE and on BSE the scrip quoted Rs 372.55 apiece.

What analyst suggests?

The brokerage firm, Axis Securities, has given a ‘hold’ call on shares of Wipro for a target price of Rs 410 apiece which is an upside of 10 per cent.

According to the brokerage, Wipro has lagged in its execution despite having better results and better deal wins.

Wipro share price history

Year-to-date (YTD), the shares of Wipro have declined over 5 per cent as compared to Nifty50’s dip of over 3 per cent.

In the past 6 months, the stock has declined over 3 per cent as compared to the headline index’s dip of 0.19 per cent.

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