Wipro's shares saw a solid rise on November 22, up by 1.52% to Rs 565.60, following the company's announcement of a record date for its bonus issue. At 12:40 pm, the stock logged a gain of Rs 8.45 on BSE, highlighting strong investor interest. This comes as Wipro also posted its Q2 FY25 results, which exceeded expectations.

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Bonus issue to drive stock appeal

The company has set December 3, 2024, as the record date for determining eligibility for its bonus shares, which are being issued in a 1:1 ratio. Shareholders will receive one bonus share for every fully paid-up equity share they hold, with each bonus share having a nominal value of Rs 2. This move has generated excitement among retail investors, contributing to the stock's upward momentum.

Wipro's financials show steady growth

For Q2 FY25, Wipro reported a 6.85% quarter-on-quarter increase in consolidated profit attributable to owners, which rose to Rs 3,208.8 crore from Rs 3,003.2 crore in the previous quarter. The IT services segment showed modest growth, with revenue increasing by 1.3% sequentially to reach $2,660.1 million. Despite a slight year-on-year decline of 2%, the company's large deal bookings jumped 28.8% Q-o-Q, totalling $1,489 million.

Wipro's market performance

With a market capitalization of Rs 2,97,111.34 crore, Wipro's stock has performed strongly over the past year, gaining 39.2%, compared to a 17% rise in the Sensex. The stock's 52-week high stands at Rs 583 per share, while the low is Rs 393.2, reflecting its strong potential for growth.

As Wipro continues to deliver on key metrics, including revenue growth and strong order bookings, its strategic bonus issue adds to the optimism around its future prospects.