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

Company's shares down 6.3% so far this year as Indian IT services firms face challenges due to recession fears in major economies

By Reuters

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Published: Sun 23 Apr 2023, 11:56 PM

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 the global banking sector.

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 is one of India's 'Big 3' in the IT services space. Its 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 per cent so far this year after falling more than 45 per cent in 2022.

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