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Business News/ Markets / Stock Markets/  Wipro share price jumps as IT company's board to consider buyback of shares soon

Wipro share price jumps as IT company's board to consider buyback of shares soon

Wipro share price today surged around 2.75% within few minutes of stock market's opening bell today

Wipro share price is rising after announcement of Wipro buyback, believe stock market experts.Premium
Wipro share price is rising after announcement of Wipro buyback, believe stock market experts.

Stock market today: Wipro shares today witnessed strong buying interest among the stock market bulls in early morning deals. Wipro share price today opened with upside gap at 375 per share levels and went on to hit intraday high of 378 apiece within few minutes of stock market opening. While ascending to its intraday high, the large-cap IT stock logged around 2.75 per cent rise from its Friday close of 368.05 apiece on NSE.

According to stock market experts, this rise in Wipro shares can be attributed to the recent announcement of Wipro buyback. The large-cap Indian IT major has informed Indian stock market bourses about the company's plan in regard to Wipro share buyback. The IT major informed Indian bourses that Wipro share buyback will be considered in company's upcoming board meeting scheduled on 26th April 2023. They said that Wipro share is currently in 344 to 400 range and the stock may become bullish after breaching and sustaining above 400 levels.

Wipro share price outlook

Speaking on the reason(s) for rise in Wipro share price today, Ravi Singhal, CEO at GCL Broking said, "Wipro has announced that its board is going to consider buyback of shares in its upcoming board meeting scheduled on 27th April 2023. Wipro share price is rising in this anticipation that the Wipro buyback will take place at high premium. So, this rise in Wipro shares is due to this short term sentiment else one needs to wait for the final trigger after announcement of Wipro results."

On technical chart pattern in regard to Wipro shares, Anuj Gupta, Vice President — Research at IIFL Securities said, "Wipro shares are trading in 344 to 400 apiece levels. Those who have this stock in their portfolio, they are advised to maintain stop loss below 344 and wait for 400 per share short term target."

Wipro buyback: Apply or avoid?

Advising Wipro shareholders to tender Wipro shares in upcoming buyback of shares, Ravi Singhal of GCL Broking said, "Wipro buyback in 2023 is going to become a good opportunity for Wipro shareholders in retail segment as it would provide them an opportunity to exit their position at handsome premium. I believe that there is more downside possible in the scrip in upcoming sessions and we may see around 10 per cent more dip in most of the large-cap Indian IT stocks from current levels."

Wipro buyback 2023

Informing Indian bourses about buyback of shares, Wipro said, "Board of Directors of the Company is scheduled on 27/04/2023, inter alia, to consider and approve 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, in accordance with the applicable provisions of the Companies Act, 2013 (including the rules and regulations framed thereunder), the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended, and other applicable laws, at its meeting scheduled to be held over April 26 - 27, 2023."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 24 Apr 2023, 11:59 AM IST
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