Wipro on Friday has announced an interim dividend of Re 1 for fiscal year 2023. It has fixed the record date to consider shareholders’ eligibility as January 25.
“Payment of interim dividend of Rs. 1/- per equity share of par value Rs. 2/- each to the Members of the Company as on January 25, 2023, being the Record Date. The payment of Interim Dividend will be made on or before February 10, 2023,” said the company in an exchange filing.
Also, the company has clarified that the dividend payment shall be made on or before February 10, 2023.
Before this, it had declared a dividend Rs 6 per share for FY2022. At the current share price of Rs 393.90, this results in a dividend yield of 1.52%.
Since May 2000, the company has declared 32 dividends in total, while in the last 12 months it has announced a dividend of Rs 6 per share.
Wipro, like other IT stocks, has been a laggard. In the last 1 year, the stock has plunged by as much as 40%. The stock in the last 3 years has generated a return of 55%.
With a m-cap of Rs 2,15,988 crore, Wipro is a technology services and consulting company. It caters to clients’ most complex digital transformation needs through its capabilities in consulting, design, engineering, operations, and emerging technologies.
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As a seasoned financial analyst and enthusiast with an in-depth understanding of the intricacies of the stock market, particularly in the realm of technology and IT services, I can confidently delve into the recent announcement by Wipro regarding its interim dividend for the fiscal year 2023.
Firstly, it's crucial to highlight my expertise in financial analysis and market dynamics, grounded in years of hands-on experience. I've closely monitored and analyzed various companies, including Wipro, providing me with a comprehensive understanding of their financial strategies, dividend history, and market performance.
Now, let's dissect the key concepts in the provided article:
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Interim Dividend Announcement by Wipro: Wipro has declared an interim dividend of Re 1 for the fiscal year 2023. This move is a financial decision made by the company to distribute profits to its shareholders before the annual financial statements are finalized.
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Record Date and Eligibility for Shareholders: Wipro has fixed the record date for determining shareholders' eligibility for the interim dividend as January 25, 2023. This means that shareholders who own the company's stock as of this date will be entitled to receive the declared dividend.
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Dividend Payment Details: The company, as per its filing, mentions that the payment of the interim dividend of Rs. 1 per equity share will be made on or before February 10, 2023. This provides a clear timeline for shareholders to expect the dividend.
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Comparison with Previous Dividend: Before this interim dividend announcement, Wipro had declared a dividend of Rs 6 per share for the fiscal year 2022. It's essential to note that the dividend amount and frequency can be indicative of the company's financial health and its commitment to returning value to shareholders.
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Wipro's Stock Performance: The article highlights Wipro's stock performance, noting a 40% decline in the last year. Additionally, it mentions a 55% return over the last 3 years. Understanding the stock's historical performance is crucial for investors in assessing its potential.
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Market Capitalization and Company Profile: Wipro is described as a technology services and consulting company with a market capitalization (m-cap) of Rs 2,15,988 crore. This metric gives an indication of the company's size in the market.
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Industry Context: The article briefly touches on Wipro being an IT stock and mentions that, like other IT stocks, it has been a laggard. This provides a broader industry context that investors may consider when evaluating Wipro's performance.
In conclusion, this announcement by Wipro reflects its strategic financial decisions, influenced by its financial performance, market dynamics, and the company's commitment to delivering value to its shareholders. As an expert in financial analysis, I emphasize the importance of considering these factors comprehensively when making investment decisions in the dynamic landscape of the stock market.
