Wipro Share Price Gains The Most In A Month As Board To Consider Bonus Issue

Wipro Ltd.'s share price gained the most in a month on Monday after the company said its board will meet on Thursday to consider the bonus issue.

This is the first bonus issue by the company since Jan. 18, 2019, when it announced the issue of three bonus shares for each share held in the company.

The company also said it will announce its September quarter results on Oct. 17. According to Bloomberg's consensus estimates, the company is expected to report a net profit of Rs 3,003.78 crore as against Rs 2,624 in the year ago period on a revenue of Rs 22,234.3 crore.

Shares of the company rose as much as 3.26% to Rs 545 apiece. It pared gains to trade 1.92% lower at Rs 538.45 apiece as of 11:02 a.m. This compares to a 0.5% advance in the NSE Nifty 50 Index.

The stock has risen 14.24% on a year-to-date basis and 41% in the last 12 months. Total traded volume so far in the day stood at 0.89 times its 30-day average. The relative strength index was at 53.99.

Out of the 43 analysts tracking the company, eight maintain a 'buy' rating, 11 recommend a 'hold,' and 24 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 3.6%.