Wipro’s Rs 10,500 crore buyback begins on Aug 14; share price jumps 4%
Posted on 1st August 2019 |
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| Wipro will begin its Rs 10,500 crore buyback process on August 14 and close on August 28. The last date for the settlement of bids on the exchange is September 9, the company said Tuesday. The IT company’s board on April 16 had approved a buyback of up to 323 million equity shares, 5.35 per cent of the paid-up equity capital of Rs 325 each for an aggregate amount not exceeding Rs 10,500 crores. The buyback is proposed to be made from the existing shareholders of the company as on the record date on a proportionate basis under the tender offer route. Members of the promoter and promoter group of the company have indicated their intention to participate in the proposed buyback, according to its BSE filing dated April 16. Today, the shares of Wipro gained 4 per cent after the company announced its buyback programme. At 11:44 AM, Wipro shares were trading at Rs 270.50 per share, nearly two per cent higher than the previous close. Wipro reported a 12.8 per cent rise in its Apr-Jun profits at Rs 2,387.60 crores compared with Rs 2,120.80 crores in the corresponding period of the previous year. However, the quarterly profits were down by 3.86 per cent on a sequential basis. In March the company’s profits stood at Rs 2,483.50 crore. Wipro received final comments from the Securities and Exchange Board of India or SEBI on July 30, 2019, with respect to the draft letter of offer filed by the company for the buyback. The company will dispatch the letter of offer for the buyback to eligible shareholders appearing on the record date of June 21, 2019, on or before August 6, 2019, it said in an exchange filing. Wipro’s net sales for April-June stood at Rs 14,716.10 crores, which was lower than Rs 15,006.30 crore during the Jan-Mar quarter. Last year in the same quarter, the It firm had reported net sales of Rs 13,977.70 crore in Apr-Jun, higher than the Q1FY19 numbers. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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| Be the first person to write a business review for Wipro’s Rs 10,500 crore buyback begins on Aug 14; share price jumps 4% |
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