Wipro will get 3% as board to consider the bonus issue at a meeting on October 16 and 17
Wipro(Photo: Shutterstock)
Wipro Bonus Issue: Wipros price gain 3.1 percent on Monday (October 14), hitting an intraday high of Rs 545.35 per share. According to the grant application will be made by the company’s board think about it the proposal for a bonus issue during a meeting in October 16, until October 17, 2024.
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At around 9.26 am, Wipro shares rose 2.15 per cent to Rs 540.3 per share. In comparison, the BSE Sensex rose 0.34 percent to 81,655.47. bee around the same time. The market capitalization of the company stood at Rs 2,82,655.48 crore around the same time.
“The company’s board of directors will consider a proposal for the issuance of bonus shares at its scheduled meeting be held about October 16-17, 2024,” the filing said.
Bonus shares are excess shares given 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 it was information and communications (IT) companies.had issued bonus shares for its investors 5 years ago on May 6, 2019, in a ratio of 1:3. In addition, Wipro also issued bonus shares in the ratio of 1:1 in 2017.
In June 2010, one of the six leading Indian Big Tech companies issued bonus shares at a ratio of 2:3.
Meanwhile, Wipro’s board will consider financial results for the quarter ending July through September after market hours on Thursday, October 17.
In the June quarter, the Bengaluru-headquartered IT company posted a 4.6 percent year-on-year (year-on-year) increase in its consolidated net profit at Rs 3,003.2 crore against Rs 2,587.8 crore. Wipro’s revenue also declined 3.8 percent to Rs 21,963.8 crore, against Rs 17202.8 crore in the corresponding quarter of the previous year.
Wipro CEO and MD Srini Pallia had said the company is “confident” in its ability to outperform in terms of bookings and profitable growth in the second quarter as it continues to build on ai360 strategy and prepares its workforce for a future in which AI is central.
In the past year, Wipro shares have risen 28.6 percent, while Sensex rose 23 percent.
First publication: October 14, 2024 | 10:17 am IST