India's Wipro to consider share buyback at board meeting this week

India’s Wipro to consider share buyback at board meeting this week

April 25, 2023

By Nallur Sethuraman

BENGALURU (Reuters) – Indian IT services provider Wipro Ltd said on Sunday it will consider a share buyback proposal at its board meeting on April 27.

Indian IT services companies are facing challenges, with shares under pressure as clients cut budgets and scale back projects amid fears of a recession in major economies and recent turmoil in global banking.

Wipro, which will report its fourth-quarter results on Thursday, last bought back shares in October 2020. That share buyback totalled 95 billion Indian rupees ($1.16 billion) worth of shares.

Wipro’s larger peers Tata Consultancy Services and Infosys have reported weaker earnings and forecast an uncertain environment in the financial year ending March 2024.

Shares of Wipro are down 6.3% so far this year after falling more than 45% in 2022.

($1 = 82.0300 Indian rupees)