IT services firm Wipro is considering to go for a share buyback programme, following a similar move by industry leader Tata Consultancy Services (TCS).
The Bengaluru-headquartered firm, in a filing with the stock exchanges on Wednesday, said the company’s board of directors, in its meeting scheduled on October 13, would consider equity share buyback proposal.
Wipro is the second-largest Indian IT services firms to consider a buyback programme. TCS, in its board meeting held on Wednesday, approved to proposal to go for a Rs 16,000-crore buyback programme at Rs 3,000 a piece.
Typically, the share buyback programme of a company reflects the belief of its management over the growth prospects of a company. During the ongoing Covid-19 pandemic, the export-oriented IT services industry in the country largely remained resilient though they have seen some impact in sectors such as hospitality and aviation.
While TCS, which announced its Q2FY21 results on Wednesday, showed better-than-expected numbers, Wipro slated to announce its numbers on October 13.
The company, which in the previous quarter announced former Capgemini top executive Thierry Delaporte as its new chief executive officer and managing director, is looking at improving its performance in coming quarters.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU