Wipro Ltd. (WIT) Soars 18% on Billion-Dollar Buyback

Wipro Ltd. (NYSE:WIT) is one of the 11 Stocks Racking Up Monstrous Gains.

Wipro saw its share prices climb by 18.54 percent on Thursday to close at $2.43 apiece, as investor sentiment was boosted by an aggressive plan to buy back $1.8-billion worth of its shares.

In a regulatory filing earlier this week, Wipro Ltd. (NYSE:WIT) reiterated plans to repurchase 5.7 percent of its total outstanding shares at a price of 250 Indian rupees or $2.71 apiece. The figure marked an 11-percent upside potential from its latest closing price of $2.43.

The New York Stock Exchange building. Photo by Дмитрий Трепольский on Pexels

Meanwhile, investors owning American depositary shares of Wipro Ltd. (NYSE:WIT) are required to convert their ADRs into direct shares before they can participate in the buyback program. Conversion requests can be submitted to JPMorgan Chase Bank no later than 12 nn EST on June 2, 2026.

Typically, companies authorize a share repurchase program for several reasons, including boosting their stock price when management believes that the shares are undervalued, signaling confidence in the company’s growth prospects, and enhancing shareholder value, among others.

Based in India, Wipro Ltd. (NYSE:WIT) is a company engaged in AI-powered technology services and consulting focused on building innovative solutions that address clients’ most complex digital transformation needs.

While we acknowledge the risk and potential of WIT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than WIT and that has 10,000% upside potential, check out our report about the cheapest AI stock.

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