Shares of IT services major Wipro zoomed over 7 per cent at close of trade on Thursday after the company said its board will consider a buyback plan on October 13.
The stock jumped 7.22 per cent to close at Rs 359.45 on the BSE. During the day, it gained 9.69 per cent to trade at Rs 367.75 — its 52-week high.
On the NSE, it rose by 7.34 per cent to settle at Rs 359.90.
Its market valuation jumped Rs 13,847.91 crore to Rs 2,05,423.91 crore on the BSE.
On traded volume, 28.66 lakh shares were traded on the BSE and over 10.72 crore on the NSE. The announcement comes close on the heels of larger rival Tata Consultancy Services' board clearing an up to Rs 16,000 crore buyback plan.
"...the board of directors will be considering a proposal of buyback of equity shares of the company at the...meeting scheduled to be held on October 13, 2020," Wipro said in a regulatory filing.
However, no other details were provided.
"The outcome of the board meeting will be communicated to the stock exchanges soon after the conclusion of the Board meeting on October 13, 2020," it added.