Wipro is buzzing in trade on the buyback cool-off period is ending soon. Companies are required to keep a 1-year gap between 2 successive buybacks and Wipro’s last buy back-ended on September 13, 2019. Hence the street is waiting for the next buyback.
IT companies including Wipro are sitting on ample cash. For Wipro, the cash as of the last reported numbers which is June 2020 is close to about USD 4 billion.
The stock is up close to 13 percent on a year-to-date basis. Also, this would be the first buyback under CEO Thierry Delaporte.
CNBC-TV18’s Reema Tendulkar gets an interesting analysis of Wipro’s last 3 buybacks.