2023-04-23 15:50:53
Indian IT services provider Wipro Ltd said on Sunday it would consider a proposed share buyback at its April 27 board meeting.
Indian IT services companies are facing challenges and their stocks are under pressure as clients cut budgets and plans amid fears of a recession in major economies and recent turmoil in the global banking sector.
Wipro, which will report its fourth quarter results on Thursday, last repurchased shares in October 2020. That share buyback amounted to 95 billion Indian rupees ($1.16 billion).
Tata Consultancy Services and Infosys, Wipro’s two big competitors, reported weaker earnings and forecast an uncertain environment for the fiscal year ending in March 2024.
Shares of Wipro are down 6.3% year-to-date, having fallen more than 45% in 2022.
($1 = 82.0300 Indian rupees)
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