Shares of Wipro will be in focus ahead of its September quarter results, which will be reported after market hours on Thursday, October 17.

Along with its results, the board will also meet to consider a bonus issue of shares.

This will be the first instance since 2019 that the company will be issuing free shares to shareholders. Back then, Wipro had issued one free share for every three shares held by shareholders as on the record date. This will also be the 14th instance in the company's history that it will be issuing bonus shares.

Wipro remains the Nifty or Non-Nifty constituent that has issued the most number of bonus shares to its shareholders in its history as a public company.It has issued bonus shares 13 times to its shareholders. Wipro has issued bonuses to shareholders in 1971, 1981, 1985, 1987, 1989, 1992, 1995, 1997, 2004, 2005, 2010, 2017 and 2019.

Wipro's bonus issue of shares will be good news for retail shareholders. As of the September quarter, the company had 21.92 lakh small shareholders, those with authorised share capital of less than ₹2 lakh.

Brokerage firm Kotak Institutional Equities is anticipating the company to guide for revenue decline of 0.5% to a growth of 1.5% for the upcoming quarter.

Shares of Wipro ended little changed on Wednesday at ₹532.5. The stock has declined 3.5% in the last one month leading up to the results. The stock has gained 11.6% so far this year.

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Published On - October 17, 2024, 8:50:06 AM IST