Shares of Wipro have hit a near two decade high at Rs. 353 per share, rising 2% in session today on BSE. This is due to better revenue growth estimates for FY20 given the momentum in digital growth, sustained growth in BFSI, other verticals and large deal wins. The IT services stock was trading at its highest price since March 8, 2000.
In the last 7 days also Wipro stock outperformed the broader market, surging 12% after the company announced to consider a proposal for issue of bonus shares. On January 18, Wipro announced a bonus issue in the ratio of 1:3 i.e. bonus equity share of Rs 2 each for every 3 equity shares held in the company.
Also an interim dividend interim dividend of Rs 1 per equity share of par value Rs 2 each to the members of the Company as on Wednesday, January 30, 2019, being the record date.
Wipro reported 2.4% growth in in revenue in constant currency (cc) terms on a QoQ basis primarily due to strong growth in BFSI and consumer business unit. In rupee terms revenue was up 3.5% at Rs 14,666 crore. Net profit grew at 35 per cent to Rs 2,544 crore on QoQ basis.
The stock closed the trading day higher by 1.37% at Rs. 351.20 per share on the BSE.