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Wipro Soars On Buyback Plan

Shares of software services provider Wipro Ltd. rose as much as 5.5 percent, the highest intraday jump in two-and-a-half-years, after the company announced a buyback.

It’s the second time in 15 months that the Azim Premji-led IT company is rewarding its shareholders.Wipro's shares had risen more than 9 percent in five days after it announced its previous buyback in April 2016. The company's had bought back 4 crore shares at Rs 325 apiece in the Rs 2,500-crore repurchase.

The IT major had $5.3 billion, or Rs 34,474 crore, cash as of March-end this year.