1:1 Bonus Shares By IT Stock: December 3 Record Date; Wipro Share Price Target?

With a market valuation of Rs 3,02,388.90 Cr, Wipro Limited, a prominent provider of technology services and consulting, closed Friday's trading session 1% higher at Rs 577.95 a share. As the IT giant approaches the record date for 1:1 bonus shares, the stock will be the focus of attention this week. Hence, December 3 is the final day to qualify for Wipro's bonus shares.

Wipro Bonus Shares

Subject to the approval of the company's members, the Board of Directors has recommended to the shareholders, via postal ballot, that bonus equity shares be issued in the ratio of 1:1, that is, one bonus equity share of Rs 2/-each will be issued for every one fully paid-up equity share held as of the record date.

Wipro Bonus Shares Record Date

"The Board of Directors has fixed Tuesday, December 3, 2024 as the Record Date for the purpose of determining the equity shareholders of the Company eligible for bonus equity shares (including Stock Dividend on ADS) of the Company," said Wipro in a stock exchange filing.

Wipro News

Wipro recently announced on November 25, 2024, that Omkar Nisal has been appointed as the Chief Executive Officer of the Europe Strategic Market Unit (SMU), with immediate effect. Omkar will join the Wipro Executive Board and report to CEO and MD Srini Pallia. Pierre Bruno is stepping down, and Omkar takes his place. London will be Omkar's base of operation.

Wipro Limited also recently announced on November 26 that it has extended its partnership with Marelli, a world leader in automotive solutions, for an additional four years. In order to centralise operations and create a more reliable and flexible environment, Wipro FullStride Cloud will migrate Marelli's Milan Data Centre and all of its local server rooms to the cloud as part of this partnership.

Wipro Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said, "Wipro is currently trading within a parallel channel at Rs 557.85, exhibiting a bullish trend characterized by higher highs and higher lows on the daily chart. On the weekly chart, the stock has successfully formed and broken out of a cup and handle pattern, with the price consolidating above the breakout level, indicating the formation of a strong base. The recent uptick in trading volumes further supports the likelihood of a potential bullish move. A close above Rs 580 could propel the stock toward short-term targets of Rs 615 and Rs 635. On the downside, immediate support is observed at Rs 565, offering an attractive buying opportunity on dips."

"The Relative Strength Index (RSI) is currently at 63.9 and trending upward, highlighting strengthening buying momentum. To manage risk effectively, a stop-loss is recommended at Rs 550 to protect against unforeseen market reversals. Based on technical indicators and prevailing market conditions, Wipro offers a compelling buying opportunity for traders targeting Rs 615 and Rs 635. Employing a disciplined approach with the suggested stop-loss ensures effective risk management," the analyst commented.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.