Wipro Share Buyback: This IT company going to buy its own shares, another opportunity for investors

IT company Wipro may soon consider the buyback of its equity shares. For this, the company's board of directors is going to hold a two-day meeting, which can be held mainly on April 26 and 27, 2023. It is being said that in this meeting, apart from the buyback, a decision will also be taken regarding the results of the fourth quarter of FY 2023 and other key developments.
In its regulatory filing on Sunday, Wipro said that the company's board of directors in its meeting to be held on April 26-27 will consider the proposal for the buyback of equity shares of the company and necessary relevant matters.
Wipro's results for the fourth quarter of the financial year 2023 are being released on 27 April. The buyback is also going to be announced on the same day. Experts believe that like other IT companies such as HCL Tech, TCS and Infosys, Wipro's Q4 results are also expected to show an increase in net profit and reserves.
On Monday, the trading of Wipro shares opened with an increase. Its stock started trading at Rs 375, while till the time of writing the news, the shares of the company were trading at Rs 373.40, up by Rs 5.30 or 1.45%.
Along with the presentation of quarterly numbers on April 27, 2023, the buyback of Wipro shares will also be announced on the same day. Explain that this will be the first buyback after January 2021. The last buyback done by Wipro was around Rs 9,500 crore between December 29, 2020, and January 11, 2021. During this buyback, Wipro received a tender for 22,89,04,785 equity shares.
When its own shares are reacquired by the company and money is returned to the shareholders by it, it is called a buyback. The distribution of cash from buybacks is generally expected to improve return on equity and the reduction in equity base over the long term improves earnings per share.