 "Sasken Communication falls on disappointing Q4 results")
Sasken Communication Technologies has dipped 5% at Rs 234, the day’s low level on the NSE, after reporting a sharp 82% quarter on quarter drop in its consolidated net profit at Rs 2.93 crore for the fourth quarter ended March 2015 (Q4), due to lower operational income. The company had profit of Rs 16.13 crore in December 2014 quarter.
Consolidated revenues during the quarter under review declined by 2.8% at Rs 104 crore over the previous quarter.
Meanwhile, the board has approved the proposal for buy-back of approximately 4.16 million equity shares at a price of Rs 260 per share through tender offer.
Consolidated revenues during the quarter under review declined by 2.8% at Rs 104 crore over the previous quarter.
Meanwhile, the board has approved the proposal for buy-back of approximately 4.16 million equity shares at a price of Rs 260 per share through tender offer.
The amount is payable in cash upto an aggregate amount of Rs 108 crore which is less than 25% of the aggregate of total paid capital and free reserves of the company as on March 31, 2015, Sasken Communication said in a filing.
The stock opened at Rs 245 and has seen a combined 190,822 shares changed hands on the counter on the NSE and BSE till 1134 hours.
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