Sasken Communications hits 52-week high on share buyback plan

The stock rallied 9% to Rs 440 after the company said its board will meet on Oct 27, to consider a share buyback proposal.

Sasken Communications Technologies has rallied 9% to Rs 440, also its 52-week high on BSE, after the company said its board will meet on Thursday, October 27, to consider a proposal for buyback of equity shares.

Earlier on October 13, IT consulting & Software Company announced that the meeting of the board of directors of the company will be held on October 27, 2016, to consider the audited financial results of the company for the quarter and half year ended September 30, 2016.

The company now said that the board will consider among other things including buy-back of fully paid-up Equity Shares of the Company, quantum & mode of Buy-back and other matters incidental thereto.

The board will also consider the proposal of declaration of interim dividend and change of name of the company from “Sasken Communication Technologies Limited” to “Sasken Limited” / “Sasken Technologies Limited,” it added.

The stock had underperformed the market by gaining 6.6% as compared to 7.9% rise in the S&P BSE Sensex till Monday.

At 10:27 am, the stock was up 7% at Rs 433 against 0.48% decline in the benchmark index. A combined 305,891 shares changed hands on the counter on BSE and NSE so far.