Wipro slips 6% on profit booking after Q2 results, buyback announcement

In past one month, Wipro had outperformed the market by surging 28 per cent, against 4 per cent rise in the S&P BSE Sensex.

Shares of Wipro slipped 6 per cent to Rs 534 on the BSE in the early morning trade on Wednesday on profit booking after the company reported a healthy July-September quarter (Q2FY21) results.

The company has declared a buyback of 238 million equity shares from its shareholders on a proportionate basis by way of a tender offer. The buyback price is Rs 400 per equity share payable in cash for an aggregate amount not exceeding Rs 9,500 crore.

IT services revenues increased 2 per cent quarter-on-quarter (QoQ) in constant currency (CC) terms, which was above analysts' estimate of 1.1 per