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Shares of Wipro advanced as much as 3.1 percent to Rs 289.55 after its March quarter results were announced on Tuesday.

The Bengaluru-based information technology company plans to buyback 32.31 crore shares, or 5.35 percent equity at a price of Rs 325 per share aggregating to Rs 10,500 crore. The buyback is at a premium of 16 percent from the last regular trade.

Besides, its quarterly profit met analyst expectations even as margin narrowed because of a stronger rupee.

Key Earnings Highlights (Q4, QoQ)

• Revenue up 0.7 percent to Rs 15,161 crore.
• Net profit down 1.1 percent to Rs 2,483.5 crore.
• Ebitda down 2.7 percent to Rs 2,700.7 crore.
• Margin at 17.8 percent versus 18.4 percent.

Here’s what analysts had to say about Wipro after the results announcement:

Investec

• Maintained ‘Hold’ with a price target of Rs 265.
• Reported a weaker than expected March quarter with lower revenue and margins.
• Weak revenue growth guidance for the first quarter to weigh on remaining 9MFY20.
• EBIT margin expected to improve in 2019-20, but already priced in.
• Buyback to keep stock elevated in the near term.

Morgan Stanley

• Maintained ‘Underweight’; hiked price target to Rs 255 from Rs 225.
• March saw weaker IT services revenue but better EBIT.
• Margin improvement was a key highlight in 2018-19.
• Expect second half of the current financial year’s growth to be better than the first half.

Mahindra & Ford India announce pact for development & supply of new midsize sports utility vehicle, according to Mahindra & Mahindra’s exchange filing.

• Ford, affiliate companies to incur Rs 680 crore development cost
• Pact will be for a period of 10 years
  

Shares of M&M traded flat at Rs 684.85 per share as of 11:08 am. The stock traded at 15 times its estimated earnings per share for the coming year, Bloomberg data showed.

Shares of the country’s largest airline gained for the sixth straight day and rose 4.3 percent intraday to a record high of Rs 1650 apiece.

The trading volume was almost seven times its 20-day average for this time of the day, Bloomberg data showed. The stock traded 352 times its estimated earnings per share for the coming year.

Shares of the Mukesh Ambani-led conglomerate rose 3.1 percent intraday to Rs 1,385 per share.

Here’s what analysts tracked by Bloomberg expect the company to report on a sequential basis:

Reliance Industries (Q4, QoQ)

• Net profit seen 4.9 percent at Rs 8,490 crore.
• Revenue seen 6.7 percent lower at Rs 93,357 crore.
• Ebitda seen 5.6 percent lower at Rs 13,693 crore.
• Margin seen at 14.7 percent versus 14.5 percent.

Reliance Jio (Q4, QoQ)

• Net Profit seen 17.1 percent higher at Rs 973 crore vs Rs 831 crore
• Revenue seen 9.6 percent higher at Rs 11,376 crore.
• Ebitda seen 10.6 percent higher at Rs 4,483 crore.
• Margin at 39.4 percent versus 39 percent.
• ARPU seen 0.8 percent down to Rs 129 vs Rs 130.

The stock traded at 21 times its estimated earnings per share, according to Bloomberg data. Twenty five analysts out of 37 tracked by Bloomberg had a ‘Buy’ recommendation on the stock. Eight had recommended ‘Hold’ while four had a ‘Sell’ rating.

Nifty Bank Index declined 0.2 percent as of 9:55 am after hitting a record high in intraday trade.
Axis Bank, ICICI Bank and HDFC Bank were the only gainers in the sectoral gauge.