The Sensex benchmark happened on Thursday shows Wipro group are the biggest loser. The previous day before the record date i.e., 15 September 2017 it showed a share buyback of Rs 11,000. Wipro is India’s third largest stock software services firm. It lost 4.88% to the day’s low of Rs 281.6 on BSE today. This falling shares of Wipro alone shaved off 16 points from the Sensex gains while several blue-chip stocks such as Axis Bank, Reliance. Industries like Infosys, ICICI Bank, and Sun Pharma are supporting the index. The Bengaluru based IT company has fixed 15 September as the record date for the buyback offer, after getting the shareholder approval on August 2017.
Wipro had announced the proposal to buy back 34.37 crore shares of the company earlier in July 2017. The Wipro offer represents 7.06% of the fully paid up equity capital of the company. Shares will be bought back at Rs 320 a piece. After the proposed share buyback Wipro now joins the likes of Tata Consultancy Services, Infosys, and Cognizant which had announced buyback offers to reduce surplus cash on their books and to return the same to their shareholders.
Wipro said its net profit grew 1.2% to Rs 2,076.7 crore for the April-June quarter while the total revenue stood at Rs 14,281.4 crore which is marginally higher than the total income in the same period in previous fiscal.
On Thursday, Sensex and Nifty opened higher tracking the Wall Street gains as major US indices closed at record highs on Wednesday. The Sensex gained 102 points to open at 32,289.26 points while NSE Nifty added 28 points to start at 10,107.4 points. The Shares of the oil marketing companies which fell on TV news reports that government may intervene in daily price revision recovered losses after Oil Minister Dharmendra Pradhan yesterday ruled out government intervention to disrupt the daily revision in petrol and diesel prices.