Stock Market Strategy: Wipro Shares Rise for 9th Straight Session Ahead of ₹15,000 Crore Buyback - Should You Buy Before June 5?
Wipro Share Buyback Boosts Stock: Simple Market Update
Wipro shares continued their strong momentum for the ninth straight session after the company announced a ₹15,000 crore share buyback at ₹250 per share, which is around 21% higher than the previous closing price of ₹206.84 on NSE.
Key Highlights:
Buyback size: ₹15,000 crore
Buyback price: ₹250 per share
Premium: ~21% over last close
Record date: June 5
Shares to be repurchased: up to 60 crore
Equity impact: over 5% of total equity
The buyback has a record date of June 5, and the company plans to repurchase up to 60 crore equity shares, which is over 5% of total equity. This is Wipro’s first buyback in almost three years, with the last one done in June 2023.
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Key Highlights:
First buyback in 3 years
Last buyback: June 2023
Strong investor sentiment boost
IT sector stock in focus
Short-term price momentum expected
Such buyback news often supports stock sentiment and can create short-term momentum in the market, which is important for traders following intraday trading Stock Market Strategy Indian stock market trends.
Overall, the announcement has improved investor confidence and kept Wipro in focus in the IT sector.
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