Wipro tumbles by 6 percent after Q2 and buyback plans

Source :Sify
Author :Finance Desk
Last Updated: Wed, Oct 14th, 2020, 10:46:07hrs

Mumbai: Stocks of Wipro reeled in the negative, a day after the company announced quarterly results for the September quarter.

On Wednesday, stocks of Wipro trading on the BSE slid to 352 per share (down by 22.75 points or 6 percent) during the intra-day session.

As of 10:01 AM, 8.60 lakh shares were sold on the Wipro counters on the Bombay Stock Exchange.

Wipro in its second quarter (September) announced income down by 3.4 percent (y-o-y) at Rs 2,470 crores.

During Sept'19, Wipro posted Rs 2,553 crores.

Revenue on a year on year basis was down 0.07 percent to Rs 15,110 crores.

Besides, the company also announced a grand Rs 9,500 crore buyback rating the stock at Rs 400 per share.

"We had an excellent quarter with growth in revenues, expansion of margins and robust cash generation," said CEO and Managing Director Thierry Delaporte.

"I am very excited about the opportunities that are ahead of us and encouraged by the acceleration in business momentum we have seen this quarter. Our Strategy is to focus on growth in prioritised sectors and markets led by vertical solution offerings," he added.

In the trading session on Wednesday, Asian markets witnessed negative signals with the BSE Sensex recording a blip of 0.60 percent or 250 points so far.