Reliance Securities' research report on Wipro
Wipro announced a share buyback on July 20, 2017, under which it will buy back 343.75mn equity shares at a price of Rs320/share, which is at ~11% premium to the CMP. This will lead to a cash outflow of Rs110bn, which is ~30% of the IT major’s cash balance. Wipro expects the buyback process to be completed by Nov’17. In our view, the buyback proposal is an attractive proposition for individual/retail investors with holdings up to Rs0.2mn.
Outlook
We believe the stock will see support at around Rs280 levels. We have a HOLD recommendation on the stock with a Target Price of Rs280.
For all recommendations report, click here
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