Wipro gains 6% as board to consider share buyback plan

Shares of IT services major Wipro rose by over 6 per cent in early trade on Thursday after the company said its Board will consider a buyback plan on October 13. The stock gained 6.27 per cent to Rs 356.30 - its 52-week high - on the BSE.

At the NSE, it jumped 6.27 per cent to a one-year high of Rs 356.35.

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.