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Wipro share price rises 4 percent as stock turns ex-bonus

Wipro share price touched an intra day high of Rs 285.40 rising 4.66 percent with more volume traded close to the high price.

twitter-logo BusinessToday.In        Last Updated: March 6, 2019  | 13:16 IST
Wipro share price rises 4 percent as stock turns ex-bonus
Wipro share clocked turnover of Rs 17.40 crore with 6.18 lakh shares changing hands on the BSE.

Wipro share price rose in early trade today after the company started trading ex-bonus and adjusted for bonus issue. Wipro share price touched an intra day high of Rs 285.40 rising 4.66 percent with more volume traded close to the high price. Wipro share clocked turnover of Rs 17.40 crore with 6.18 lakh shares changing hands on the BSE.

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As per announcement on exchanges on February 24, 2019, the Board of Directors kept Thursday, March 7, 2019 as the record date to determine eligible shareholders entitled to receive.

The company issued bonus on the ratio 1:3, that is one bonus equity share of Rs 2 each for every 3 fully paid-up equity shares held and a bonus issue of one American Depository Share for every three ADS held.

The Wipro stock is being traded at a volume of 15 lakh ( above 5-day, 10-day, 30-day average) on National Stock Exchange and 5.8 lakh shares changing hands on Bombay Stock Exchange (above the volume average of 5-day, 10-day, 30-day).

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The share closed at Rs. 272 on both the exchanges and opened 1.4 percent up ( Rs. 276.7) on BSE and 0.7 percent higher (at Rs 274) on NSE.

The stock has traded higher than 5-day, 20-day, 50-day, 100-day, and 200-day simple moving averages. The daily moving average also turned bullish from mildly bullish on 15 Jan 2019 at the price Rs 248.21.

The stock is trading close to its 52-week high of Rs 297. The weekly (on 18 Jan-19)and monthly  MACD chart also suggest bullish price movement.

The share price has moved almost 30 percent up since one year, but fallen 2.7 percent in the last one week on BSE and NSE.

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On February 25, a day after the announcement of record date for bonus issue, shares of Wipro touched 52-week high rising 4.48 per cent and hit their highest level in 19 years to Rs 390.

The stock turned ex-bonus today which means the purchaser of the Wipro stock from today will not receive any bonus shares announced by the firm. Hence, the stock you will purchase today will be without a bonus share.

In January, the board of the company had approved an issue of bonus equity shares in the proportion of 1:3, that is 1 bonus equity share of Rs 2 each for every 3 fully paid-up equity shares held and a bonus issue [stock dividend on American Depositary Share (ADS)] of 1 (One) ADS for every 3 (Three) ADS held.

Post the approval, the company's authorised share capital stands increased from Rs 1,126.50 crore to Rs 2,526.50 crore by creation of additional 700 crore equity shares of Rs 2 each, it added.

At the end of December quarter, the company had Rs 46,847.9 crore in free reserves, securities premium account and capital redemption reserve account.

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