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Wipro share slips 7% post Q2 earnings, share buyback announcement

BusinessToday.In     October 14, 2020

Stock of Wipro fell over 6% in early trade today after the firm reported a 3.40 per cent year-on-year (YoY) decline in its consolidated net profit in Q2. Wipro share lost 6.73% to Rs 350.45 against previous close of Rs 375.75 on BSE. The stock has fallen 6.61% in last 2 days. The stock opened with a loss of 2.44%  at Rs 366.

The share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages

Wipro share has gained 44.54% in one year and 43.02% since the beginning of this year.

In a month, the share has gained 14.52%. Total 9.17 lakh shares changed hands amounting to turnover of Rs 32.59 crore on BSE. Market cap of the firm fell to Rs 2 lakh crore.

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On October 12, the share hit its all-time high of Rs 379.70 on BSE.

Net profit in Q2 stood at Rs 2,465.70 crore against net profit of Rs 2,552.70 crore in the corresponding quarter last year. However, on a sequential basis, profit rose 3.2 per cent from Rs 2,390.4 crore in June quarter of the current fiscal.

During the Q2 earnings annoucement, the IT firm said its Board of Directors approved a share buyback proposal under which the company will buy up to 237.5 million equity shares of Rs 2 each. The buyback price is Rs 400 ($5.41) per equity share payable in cash for $1.3 billion.

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