Aptech surges as board approves share buyback proposal
The company will buyback its equity shares at maximum price of Rs 82 per share from the open market.
Aptech has surged 7% to Rs 62.40 after its board approved the buyback of company’s equity shares at maximum price of Rs 82 per share from the open market.
“The company will buyback its equity shares from the open market up to 25% of the capital and free reserve of the company as per the audited accounts as on March 31, 2013.The aggregate consideration for buyback will be upto Rs 64.66 crore,” Aptech said in a regulatory filing.
Meanwhile, the company engaged in IT training services has recorded a 58% year-on-year (yoy) jump in its consolidated net profit at Rs 15.54 crore for the quarter ended March 31, 2013 mainly on account of one time gain of Rs 8 crore due to sale of premises. Total income from operations grew 19% at Rs 48.58 crore on yoy basis.
The stock opened at Rs 64.20 and touched high of Rs 66 on NSE. The counter has seen huge trading activity with a combined 2.24 million shares already changed hands till 0945 hours against an average around 120,000 shares that were traded daily in past two weeks.
“The company will buyback its equity shares from the open market up to 25% of the capital and free reserve of the company as per the audited accounts as on March 31, 2013.The aggregate consideration for buyback will be upto Rs 64.66 crore,” Aptech said in a regulatory filing.
Meanwhile, the company engaged in IT training services has recorded a 58% year-on-year (yoy) jump in its consolidated net profit at Rs 15.54 crore for the quarter ended March 31, 2013 mainly on account of one time gain of Rs 8 crore due to sale of premises. Total income from operations grew 19% at Rs 48.58 crore on yoy basis.
The stock opened at Rs 64.20 and touched high of Rs 66 on NSE. The counter has seen huge trading activity with a combined 2.24 million shares already changed hands till 0945 hours against an average around 120,000 shares that were traded daily in past two weeks.