Wipro declines over 2% on report of likely sale of enemy shares by govt

Last Updated : Apr 04, 2019 12:25 PM IST | Source: Moneycontrol.com






The report said state-owned companies LIC, New India Assurance and GIC are likely to have bought those enemy shares of Wipro.













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Wipro shares declined 2.5 percent in morning trade on April 4 after a media report indicated that the government is likely to have sold enemy shares in the company.

Enemy shares refer to assets left behind by people who migrated to Pak or China and are no longer Indian citizens.

The stock lost more than 5 percent in last one month. At 10:32 hours IST, it was quoting at Rs 258, down Rs 3.50, or 1.34 percent, on the BSE.

In the opening, about 3.86 crore equity shares (representing 0.6 percent of total paid-up equity) of the company traded via block deal on BSE, reported CNBC-TV18.

The report said state-owned companies LIC, New India Assurance and GIC are likely to have bought those enemy shares of Wipro.

In November 2018, Cabinet gave its approval to Department of Investment and Public Asset Management (DIPAM) to sell enemy shares in companies.

While having underweight call on Wipro with a price target at Rs 225, Morgan Stanley said the share price will fall relative to Nifty50 over the next 60 days.

According to the global brokerage house, the software services company may report IT revenue growth of 1.3 percent in Q4FY19 against 2.1-2.4 percent by peers.

Wipro may forecast its Q1FY20 revenue growth in the range of 0.5 percent degrowth to 1.5 percent growth, Morgan Stanley said.



First Published on Apr 4, 2019 10:51 am















































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Author: Prakash Poojary

Business Analyst

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