The announcement was made after market hours on Thursday, 22 October 2009.
Meanwhile, the BSE Sensex was up 184.83 points, or 1.13%, to 16978.82.
On BSE, 15,273 shares were traded in the counter as against an average daily volume of 2.43 lakh shares in the past one quarter.
The stock hit a high of Rs 590 and a low of Rs 583.80 so far during the day. The stock had hit a 52-week high of Rs 620 on 6 October 2009 and a 52-week low of Rs 181.70 on 27 October 2008.
The stock had underperformed the market over the past one month till 22 October 2009, rising 0.23% as compared to the Sensex 0.57% fall. It outperformed the market in past one quarter, soaring 27.90% as against 13.11% rise in the Sensex.
India's third largest software exporter by sales has an equity capital of Rs 293.28 crore. Face value per share is Rs 2.
The current price of Rs 585 discounts the company's Q1 June 2009 annualised EPS of Rs 32.70, by a PE multiple of 17.88.
Wipro has also formed a joint venture with Delhi International Airport (DIAL) to build and market technology for airports in India and overseas, the company said in a statement on Thursday.
Wipro will build software applications, networks and security systems at the terminal number three of the Indira Gandhi International Airport in New Delhi.
Wipro and DIAL are also setting up a joint venture, Wipro Airport IT Services, to build airport-specific technology and tap into opportunities in upgrading infrastructure in airports both in India and abroad. Wipro will own a 74% stake in the venture.
Last month, Wipro had won a three-year outsourcing contract from All Nippon Airways, Japan's No.2 carrier. Wipro did not unveil financial details of the contract it won from the Japanese carrier.
Wipro had recently bagged a five-year outsourcing deal from oil and gas firm BP. Under the agreement with BP, Wipro will provide IT applications development and maintenance services for the company's fuel and corporate businesses globally.
In August 2009, Wipro had entered a five-year contract with US apparel retailer Charming Shoppes Inc. to provide information technology services. However, financial details of the deal were not disclosed. As per the deal with Charming Shoppes Inc, Wipro will be responsible for providing applications comprising stores, supply chain, merchandising, marketing and analytics, business intelligence and corporate systems. Charming Shoppes is a US-based retailer of women's plus-size apparel.
On a consolidated basis, Wipro's net profit rose 1% to Rs 1015.50 crore on a 3% decline in sales to to Rs 6273.90 crore in Q1 June 2009 over Q4 March 2009. IT services revenue declined 1.3% to $1,033 million in Q1 June 2009 over Q4 March 2009.
Wipro expects 0.91% to 1.9% growth in consolidated revenue from IT Services business at between $1035 million to $1053 million in Q2 September 2009 over Q1 June 2009. The guidance is based on constant currency exchange rates.
At the time of announcing Q1 June 2009 results, Wipro chairman Azim Premji said there are initial signs of stability in the business and volumes are stabilising.
Wipro provides comprehensive range of information technology (IT) services, software solutions, IT consulting, business process outsourcing and research & development services in the areas of hardware and software design to leading companies worldwide.