Wipro to open Rs 11,000 cr share buyback on Nov 29

IT major Wipro Limited has announced that it will launch its Rs 11,000-crore share buyback offer on November 29. Wipro will repurchase up to 343.75 mln fully paid-up equity shares, representing 7.06 percent equity capital of the company, for Rs 320 a unit.

The buyback offer is open to all fully paid-up equity shareholders with a face value of just Rs. 2 each, on a proportionate basis.

Share buybacks help improve earnings per share (EPS) and return surplus cash to shareholders, while also supporting share price during periods of sluggish market conditions

Paragon Partners raises USD 120 million for its first PE fund

Private_Equity Company Paragon Partners has announced on Monday announced the completion of fund raising for its private #equity fund, PPGF-I to invest in mid-size companies, securing commitments of 120 million dollar approx, from domestic and global investors.

The fund’s limited partners include a large sovereign wealth fund, a development financial institution, funds of funds, insurance companies, family offices and HNIs.

The fund will focus on the key sectors such as consumer discretionary services, financial, Infrastructure, Industrials & Healthcare services. The fund has an advanced pipeline of investment scopes across these sectors.

The company currently has a footprint across Mumbai, pursuing a growth capital strategy that involves an active role in value creation in its portfolio companies, particularly in the areas of business development, operational efficiency and organizational development.

Week end Watch of Stock: Stocks build on Moody's India upgrade

Indian Stock markets cheered wit Moody’s upgraded India’s rating from Baa3 to Baa2 and changed the outlook from the positive to stable. In the weekend, the BSE Sensex closed at 33,342 up by 235 points, whereas NSE Nifty ended trade at 10,283 up by 68 points.

The selling pressure pulled the Sensex to its lowest closing streak in more than 3-weeks and the Nifty to its lowest closing level in 5-weeks on Wednesday, 15 Nov 2017. The market recovered due to bargain hunting in the last 2 trading sessions.

For the week, the Sensex spiraled 28.24 points, or 0.08%, while the Nifty shed 38.15 points, or 0.36%.

Sentiment got a huge pick-up after the U.S based Moody's has up-graded India's sovereign credit rating by a mark to 'Baa2' with a secure outlook showing improved growth prospects driven by economic & institutional development.

The ratings upgrade arrives just weeks after the World Bank elevated India up 30 places in its annual Ease of doing biz rankings.