Shares of IT major Wipro will get ex-dividend on Tuesday. The board of IT major had announced interim dividend of Re 1 each on Wipro share with a face value Rs 2 each, the first interim dividend for the ongoing financial year. The record date for the dividend is set as January 25. The payment of interim dividend will be made on or before February 10, as per the IT major.
Wipro announced total dividends of Rs 6 per share for FY22, with dividend amount standing at Rs 3,289 crore as per AceEquity. Its dividend yield stood at 1.01 per cent. The largest IT firm by sales TCS announced a total dividend of Rs 43 per share (yield 1.15 per cent) for FY22, totalling Rs 7,686 crore and Infosys, the second largest IT major, announced Rs 31 per share (yield 1.63 per cent) in total dividends for FY22, totalling Rs 6,309 crore. HCL Tech paid a total of Rs 42 per share dividend (yield at 3.61 per cent) for the year, which amounted to Rs 11,391 crore, as per AceEquity.
Earlier this month, TCS declared an interim dividend of Rs 8 and a special dividend of Rs 67 per share. The IT firm had announced dividend of Rs 8 each in the last two quarters, taking the total dividend to Rs 91 for the nine-month period against Rs 21 in the same period last year. HCL Tech has announced Rs 30 dividend in total this financial year. Infosys, which did not announce dividend in the December quarter, has so far declared interim dividend of Rs 16.50 for the ongoing financial year so far.
As far as the Wipro stock is concerned, the scrip has an average price target of Rs 428.15, as per publicly available data with Trendlyne, which suggests limited upside for the stock.
For the December quarter, Wipro's margin and deal wins beat analyst expectations, but the IT firm's revenues and revenue guidance for March quarter came came short of analyst projections. Following the quarterly results, a few analysts raised their FY23 EPS forecasts on Wipro, but reduced FY24 estimates to factor in weaker growth in FY24. Net-net, they were ‘neutral’ on the stock.
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