Quick Heal zooms 8%, hits 52-wk high as board to consider buyback proposal

Shares of Quick Heal Technologies, on Friday, soared up to 8 per cent to a fresh 52-week high of Rs 187 on the National Stock Exchange (NSE), in an otherwise weak market, after the company said its board will consider a share buyback on March 10, 2021.

The security software provider's stock has advanced 9.1 per cent in the last one month (till Thursday) as compared to a 1.2 per cent rise in the benchmark Nifty50 index.

Quick Heal Technologies is one of the leading providers of IT security and data protection solutions with a strong footprint in India and an evolving global presence.

In the December 2020 quarter, Quick Heal's consolidated net profit declined 24.3 per cent year-on-year (YoY) to Rs 13.4 crore. Its total revenue, however, grew 6.3 per cent YoY to Rs 69.8 crore in the quarter under review.

"On the R&D front, with the appointment of industry veterans like Sanjay Agrawal and Bibhuti Kar, we have accelerated new product development efforts to strengthen our enterprise business under 'Seqrite'," Quick Heal Technologies Managing Director and CEO Kailash Katkar said.

At 1:30 PM, the stock was trading 5.34 per cent up at Rs 181.45 as compared to 0.3 per cent decline in the benchmark Nifty50 index. A total of 23.9 lakh shares have changed hands on the NSE and BSE, combined, so far.