IT service bellwether Wipro Limited announced its Q4FY2019 results on Tuesday, reporting 38pc increase in profit on the back of strong performances on the banking and insurance segments.
However, its profit slipped sequentially 1.1pc against Rs2,510-Cr in the December quarter. Revenues were Rs15,006-Cr, clocking a 9pc growth on Y-o-Y basis.
Remarkably, to enthuse the shareholders, the Wipro BoD has approved a share buyback proposal over 32.30-Crore equity shares aggregating Rs10,500-Crore at a price of Rs325/share.
On Tuesday, at market closing hours, Wipro share price quoted at Rs281.60 per share, down Rs.6.10 or 2.12% from its previous closing.
Share buybacks pave the way to reduce number of outstanding shares of the companies in markets by buying back a proportion of shares from share-holders at a price greater than market rate.