BNP Paribas Arbitrage Sells Wipro Shares in Block Deal; Fair Value?

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BNP Paribas Arbitrage Sells Wipro Shares in Block Deal; Fair Value?
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The financial services provider BNP Paribas (EPA: BNPP ) Arbitrage sold over 18 lakh equity shares of the IT giant Wipro (NS: WIPR ) on Tuesday, while Societe Generale (EPA: SOGN ) has acquired the shares.

According to the BSE bulk deal data, BNP Paribas Arbitrage has offloaded a total of 18,00,164 shares of Wipro at an average price of Rs 405 apiece through an open market transaction. taking the total transaction value to Rs 72.9 crore.

Further, the financial services company Societe Generale bought shares of Wipro on Tuesday. At the time of writing, shares of Wipro were trading 0.56% lower at Rs 403 apiece.

According to InvestingPro data, the average fair value of the IT stock stands at Rs 514.5/share, indicating a 27.4% upside compared to the current share price of the company.

The IT heavyweight reported a 9.27% YoY fall in net profit in the September ending quarter, partially due to rising staff expenses. Its revenue from operations rose 14.6% YoY to Rs 22,539.7 crore.

The company’s margin for Q2 FY23 rose 16 basis points sequentially to 15.1% after absorbing the impact of salary increases and promotions, stated Jatin Dalal, CFO.

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