Wipro shares close 3% higher on share buyback plans; market valuation up by Rs 4,098.46 crore

MUMBAI: Shares of IT major Wipro closed with gains of nearly 3 per cent after the company said its board would consider a proposal for buyback of equity shares later this month.

The stock rose by 2.89 per cent to settle at Rs 584.60 on BSE. Intra-day, it gained 4.17 per cent to Rs 591.95.

At NSE, the stock went up by 2.69 per cent to close at Rs 584.90.

The company added Rs 4,098.46 crore in market valuation which was Rs 1,44,437.46 crore at close.

On the volume front, 2.66 lakh shares of the company changed hands at BSE and over 20 lakh shares were traded at NSE during the day.

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 yesterday.

On the same day, the company would announce its fourth quarter earnings.

Promoters hold 73.35 per cent stake in the company as of December 31, 2015, as per the shareholding pattern on BSE.

Buyback of shares means repurchase of outstanding shares.