Wipro gains on buyback plans

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Wipro has gained 4% to Rs 592 on the BSE in early morning trade after India's third largest software exporter announced that it will consider a proposal to buy back shares of the company on April 20.

“The board of directors will consider a proposal for buyback of equity shares of the company on April 20, 2016,” Wipro said in a BSE filing.

The board will also consider the audited standalone and consolidated financial results for the fourth quarter and the year ending March 31, 2016.

As of December 31, 2015, the promoters held 73.35% stake in Wipro, the shareholding pattern data shows.

At 09:33 am, the stock was up 3% at Rs 586 on the BSE. A combined 358,482 shares changed hands on the counter on the BSE and NSE.


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