Shares of Wipro were in the limelight on December 3rd as the stock opened at ₹295.35 on the National Stock Exchange (NSE). However, it traded in a very narrow range between ₹296.20 and ₹289.30. The bonus issue gives the shareholders one extra share of equity for each fully paid share of equity that is held.
In addition, Wizrocon extended the offer to its American Depositary Shares (ADS) by including one free ADS bonus for every ADS previously held. Observation made on Wipro shares following the announcement, though trading remained in a weak selling mode and closed 0.38% down at ₹291.15 for the day.
Shares of Wipro: Historical Context of Company’s Bonus Issues
In the past, the company admitted to such issues in 2017 and 2010 and referred to its track record of uncomplaining shareholders. The record was December 3, Tuesday as it was especially meaningful in deciding who would receive the bonus.
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Yet for all the hype around the bonus issue, Wipro’s share price has lost about 38% year-to-date whereas it’s gained nearly 12% in the NSE Nifty50 and BSE Sensex indices year-to-date. The small performance figures point to a tough year battle for the IT colossus.
As of Tuesday total of 12.73 million shares of Wipro worth ₹371.20 crore changed hands over the NSE and BSE. Wipro’s Position in the Industry Wipro is one of the major Indian IT companies.
It offers a large spectrum of services such as BPO, systems integration, software development, and IT solutions. The market capitalization of Wipro is ₹3.04 lakh crore, and the company is a member of NSE Nifty50 and BSE Sensex.
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