UPL expects strong performance (10 per cent plus revenue growth and 12-15 per cent EBITDA growth) in the current fiscal year FY23.
On Friday, TCS shares closed 1.26 per cent higher at Rs 3,854.85 on BSE
The buyback was undertaken as part of the recent investment by Blackstone earlier this year
The company's recent resurgence has given it a market value north of $2.2 trillion, making it the second-most valuable publicly traded company after a 35% rise in its shares over 2021
BP Plc and Equinor ASA have already made incremental dividend increases and announced more modest buyback plans
Nearly 200 existing and former employees with vested options are eligible to participate in this process, the firm said
Barring today's gain, the stock has added 20 per cent in the past three sessions
In the past three months, share price of Wipro gained 14 per cent but underperformed its peers HCL Technologies and Infosys, which rallied 20 per cent and 23 per cent, respectively
Change in tax structure leads to revival of share repurchase programmes
Plans to buy 237.5 mn shares or 4.16% of paid-up capital, on a proportionate basis from existing shareholders under the tender-offer route
Wipro's board will meet on Tuesday, October 13 to consider buyback proposal.
Wipro is the second mega Indian IT services firm to consider a buyback programme after market leader TCS
The company said it has scheduled a meeting on Thursday, October 8, 2020 to consider a buyback proposal.
The Buyback will be on a proportionate basis from the shareholders of the Company, through the 'Tender Offer' route
Thus far in CY20, 20 companies have announced buyback of their shares, of which, 14 firms have proposed to buyback from open market route
Could disallow retail investments directly and through MFs in the instrument
Earlier in the week, Emami and Sterlite Technologies also disclosed their intention to buyback shares
While more firms may resort to buybacks, industries urge that government review tax on this investor rewarding method
Experts blame the change in tax dynamics for the sharp drop in buybacks
India this month imposed a levy on its companies' share purchases