Wipro hits highest level since March 2000; jumps 12% in seven days
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Shares of Wipro hit a near two-decade high of Rs 353 apiece, gaining 2 per cent on the BSE, as analysts expect the company to post better revenue growth in FY20 led by continued momentum in large deal wins, robust digital growth and continued growth in BFSI (banking, financial services and insurance) and other verticals. The stock of IT services firm was trading at its highest level since March 8, 2000.
In the past seven trading days, Wipro has outperformed the market by surging 12 per cent after the company on January 14, 2019, announced that its board will consider a proposal for issue of bonus shares. In comparison, the S&P BSE Sensex was up 1.6 per cent during the same period.
The board of directors of Wipro at their meeting held on January 18, has recommended issue of bonus equity shares in the proportion of 1:3 that is 1 bonus equity share of Rs 2 each for every 3 equity shares held in the company. The board also recommended an interim dividend of Rs 1 per equity share of par value Rs 2 each to the members of the Company as on Wednesday, January 30, 2019, being the record date.
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