Share prices of Wipro rose by 2.54% on Thursday after the company said its shareholders have approved its Rs 11,000-crore buyback proposal. The stock hit a 16-month high and was the biggest gainer amongst Sensex stocks. The company has set September 15, 2017, as the record date to decide eligible shareholders. The stock ended 2.54% higher at Rs 299.05 on BSE. During the day, it went up by 2.86 per cent to Rs 300 – its 52-week high. On NSE, shares of the company gained 2.71% to close at Rs 299.10. The stock was the biggest gainer among the bluechips on both the key indices. The company’s market valuation also went up by Rs 3,616.23 crore to Rs 1,45,537.23 crore.

India's third-largest software services firm Wipro today said its shareholders have approved the company's Rs 11,000-crore buyback proposal.

Last month, the Bengaluru-based firm had said it will purchase up to 343.75 million shares at Rs 320 ($4.95) per scrip. The total size of the offer will be up to Rs 11,000 crore ($1.7 billion).

Infosys and Wipro from the IT industry were trading in the green on Friday morning, even as the benchmark indices and broader markets were trading in the red. The Infosys share opened at Rs 976 and went on to hit the day’s high of Rs 997 on NSE. Asian Pants, L&T and ONGC plunged by more than 2%. Sensex shed more than 300 points, while the Nifty had hit a low of 9,704 in the morning trade. The Sensex opened at 31,355 and soon dived to the day’s low of 31,194.87.

Wipro, India’s third-largest IT services firm, said it has made its cloud-based Data Discovery Platform available for customers on Microsoft Azure through a “pay-per-insight” model.

To be hosted on Microsoft’s cloud computing platform Azure, the Data Discovery Platform is a big data analytics-as-a-service solution that can enhance the ability of businesses in sectors such as banking and financial services, retail, energy, education, and manufacturing to make better decisions using pre-built applications.

Bengaluru: Billionaire Azim Premji’s two philanthropic arms, Azim Premji Philanthropic Initiatives Pvt. Ltd (APPI) and Azim Premji Trust (APT), stand to receive at least Rs5,000 crore from Wipro Ltd’s proposed Rs11,000 crore share buyback.

Both APPI and APT have additionally sought approval from market regulator Securities and Exchange Board of India (Sebi) to sell more shares than other promoters back to the Bengaluru-based information technology company.

The latest financial performance of the big three of Indian IT industry—Tata Consultancy Services (TCS) , Infosys and Wipro—underscores the fact that the macro-economic challenges still persist with business momentum not picking up and net profits dropping. In short, the prospects of a double digit growth rate is still far away. The first quarter of FY18 for this top three companies has been consistent on one point —declining net profits. If TCS’s net profit dropped on a quarter-on-quarter (QoQ) basis by 10%, it was 3.3% for Infosys and 8% in the case of Wipro. The twin factors which affected their bottomline performance were wages hikes and the appreciating rupee against the US dollar.

Wipro, country's third largest software services firm, is expected to report a marginal sequential drop in constant currency revenue for the June quarter later in the day, while the company will also consider a proposal for buyback of its equity shares.

Analysts believe revenue growth in CC terms would be well within its earlier guidance of negative 2% to nil growth for the quarter. In dollar terms, the revenue is seen declining by 0.1-0.5%.

Shares of Wipro rose over 3% in the early trade on Monday after the third largest IT services firm Wipro on Friday said its board will consider a proposal for buyback of equity shares on July 20.

Reacting to the development, the stock of the company gained as much as 3.2% to Rs 268 on the BSE. The stock was the top gainer on Sensex and Nifty.

Wipro Consumer Care and Lighting said it has shut down its lighting manufacturing unit at Mysuru due to a sharp decline in the demand for CFL products and increasing preference for LED products.

"As required, we notified the government and relevant authorities of the decision to shut down the plant two months ago and have complied with all regulatory requirements," the company said in a statement.

The $150 billion Indian IT industry is expected to have a sedate start this fiscal, with the first quarter results of top tier companies like TCS, Infosys and Wipro commencing this week. Analysts believe that revenue growth will be subdued and operating profit margins will be under stress in the April-June period, with the demand environment yet to pick up pace. EBIT margins in the first quarter may compress by up to 260bps for large-caps, primarily due to rupee appreciation, wage increases, and visa costs.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.