IT major Wipro shares gained in early trade on November 19 after the company fixed the record date for the shares buyback.

The company has fixed December 11, 2020, as the record date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback, as per the company filing to the exchanges.

                           

The board of directors and shareholders of the company already approved the proposal of buyback up to 23,75,00,000 fully paid-up equity shares of the company of face value of Rs 2 each at a price of Rs 400 per equity share.

Research house JPMorgan has kept underweight rating with a target at Rs 270. The analyst day signals sensible changes under new CEO.

The plans include simplifying structure & altering go to market & geo prioritization. The execution & success in driving a change in culture key for growth acceleration, while the company intends to accelerate growth while holding margin.

Macquarie has maintained outperform call with a price target at Rs 416. Will continue to monitor the execution of new CEO’s strategy, while smooth transition to a new operating model will be critical for success, said Macquarie.

It expects more financial details to monitor progress on strategy execution. Company does not intend to drop margin to chase revenue growth.

Jefferies has maintained an underperform rating with a target at Rs 310. The company identified its priority verticals in which it will intensify focus on large deal wins.

It simplified operating model into 4 strategic business units which suit the current approach, while the strategy seems right, its execution will be challenging.

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