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Wipro (Photo: Shutterstock)
Wipro Bonus Problem: Wipro share price gained 3.1 percent Monday, October 14, recording an intraday high of Rs 545.35 per share. According to its exchange depository, the company’s board of directors ruminate the bonus issue proposal at a meeting in October 16, to October 17, 2024.
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At around 9:26 am, Wipro shares were up 2.15 percent at Rs 540.3 per share. In comparison, the BSE Sensex rose 0.34 per cent to 81,655.47. has around the same time. THE company market capitalization stood at Rs 2,82,655.48 crore at around the same time.
“The board of directors of the company will consider a proposal to issue bonus shares… at its meeting scheduled on to be detained on October 16 and 17, 2024,” the filing states.
Bonus shares are free shares allocated to existing shareholders at no additional cost, based on the number of shares they already own. This process increases the total number of shares outstanding but does not change the overall market capitalization of the company.
Wipro Bonus History
In the past, the information and communication society (IT)had issued free shares to its investors 5 years ago, on May 6, 2019, in a ratio of 1:3. Besides, Wipro also issued bonus shares in 2017 at a ratio of 1:1.
In June 2010, one of the top six Indian Big Tech companies issued bonus shares in a ratio of 2:3.
Meanwhile, Wipro’s board will review the financial results for the quarter ended July-September on Thursday, October 17, after market hours.
During the June quarter, the Bengaluru-based IT company reported a 4.6 per cent year-on-year (y-o-y) increase in its consolidated net profit at Rs 3,003.2 crore from Rs 2,587.8 crores. Wipro’s revenue also declined by 3.8 per cent to Rs 21,963.8 crore from Rs 17,202.8 crore in the corresponding quarter of the previous year.
Wipro CEO and Managing Director Srini Pallia said the company is “confident” in its ability to better execute bookings and deliver profitable growth in the second quarter, while continuing to build on ai360 strategy and prepare its workforce for an AI-driven future.
Over the past year, Wipro shares have gained 28.6 percent, compared to a 23 percent rise in the Sensex.
First publication: October 14, 2024 | 10:17 a.m. STI