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Nucleus Software jumps nearly 5% on share buyback plan

Press Trust of India  |  New Delhi 

The scrip of IT firm today surged nearly 5 per cent after the company said its board will meet on April 25 to consider buyback of equity

of the company jumped 4.57 per cent to settle at Rs 272.15 on During the day, they soared 7.47 per cent to Rs 279.70.

On NSE, the stock surged 4.33 per cent to close at Rs 272.15.

"...A meeting of the Board of Directors of the company will be held on April 25, 2017, to consider the proposal of buyback of fully paid up equity of the company, up to such amount of the aggregate of company's paid up equity share capital and free reserves as the Board may decide," said in a regulatory filing.

Share buyback typically improves earnings per share and is a mechanism to return surplus to shareholders, besides supporting the stock price during sluggish market.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 20 2017. 16:57 IST