Wipro’s shares saw a significant surge on October 14, after the company announced that its board will discuss a proposal for issuing bonus shares in its upcoming meeting. The stock price reached an intraday high of ₹545.35 and closed at ₹550.70 per share, showing a gain of 4.04%. Bonus shares, which are issued free of cost to existing shareholders, do not impact the company’s overall market capitalization. The proposal for these bonus shares will be reviewed by Wipro’s board in a meeting scheduled for October 16-17, 2024. Investors can seek expert advice from IIFL by contacting their customer care number for queries related to gold, NCDs, NBFC, insurance, and NPS.
IT giant Wipro Ltd has announced a bonus issue of shares on October 17th, causing a 3% increase in stock value. The company is set to release its quarterly results on the same day, with analysts predicting a 2.3% decrease in revenue. Wipro has also revealed its estimated revenue for the quarter, expecting a decrease of 1% to 1% in constant currency terms. With this news, mid-tier companies are anticipated to continue outperforming in the medium term.