Infinite Computer up 5% on share buyback plan

Since May 21, post March quarter results, the stock fallen 42% compared to 2.5% fall in the S&P BSE Sensex.

Shares of Infinite Computer Solutions (India) have locked in upper circuit of 5% at Rs 160 on the BSE after the company announced a share buyback plan.

“The board of directors of the company will be held on June 23, 2015, to consider a proposal for buy-back of equity shares,” Infinite Computer Solutions said in a statement.

The buyback will be up to such amount of the aggregate of company's paid up equity share capital and free reserves as the board may decide, it added.

As of March 31, 2015, the promoters held 72.16% stake in information technology consulting & services firm. Individual shareholders held 16.01% stake, while non-resident Indians held 4.33% followed by foreign institutional investors (3.78%) and bodies corporate held (3.24%).

Till 1216 hours, a combined 27,295 shares changed hands and there were pending buy orders for 72,305 shares on the BSE and NSE.

Meanwhile, since May 21, the stock had underperformed the market by falling 42% post March quarter results compared to 2.5% fall in the S&P BSE Sensex. It touched a 52-week low of Rs 123 on June 10.

The company had reported a sharp 78.9% quarter on quarter (QoQ) decline in its consolidated net profit at Rs 10.20 crore for the fourth quarter ended March 2015 (Q4). The company had posted a profit of Rs 48.43 crore in the December 2014 quarter.

Net revenues declined by 12.7% at Rs 425 crore on a Q-o-Q basis. EBITDA or operating profit fell 67% to Rs 24.1 crore on sequentially, Infinite Computer said in a statement.