Infinite Computer Solutions hits the roof as board approves buyback

Infinite Computer Solutions (India) was locked in 5% upper circuit at Rs 171.20 at 10:18 IST on BSE after the company's board of directors approved buy-back of company's shares from open market through stock exchanges.

The announcement was made after market hours yesterday, 23 June 2015.

Meanwhile, the BSE Sensex was up 97.41 points, or 0.35%, to 27,901.78

On BSE, so far 22,352 shares were traded in the counter as against average daily volume of 92,167 shares over the past one quarter.

The stock hit a high of Rs 171.20 and a low of Rs 169 so far during the day. The stock had hit a record high of Rs 323 on 13 April 2015. The stock had hit a record low of Rs 122.50 on 10 June 2015.

The small-cap stock had underperformed the market over the past one month till 23 June 2015, falling 22.22% compared with 0.55% fall in the Sensex. The scrip also underperformed the market in past one quarter, sliding 28.68% as against Sensex's 1.38% fall.

The company has an equity capital of Rs 40.16 crore. Face value per share is Rs 10.

Infinite Computer Solutions (India) said that the board of directors of the company at its meeting held yesterday, 23 June 2015, has approved the buy-back of company's shares from the existing owners of shares from open market through stock exchanges at a price not exceeding Rs 220 per share payable in cash for an aggregate amount not exceeding Rs 31 crore. The offer size represents 5.73% of the aggregate of the company's paid up equity capital and free reserves as on 31 March 2015. The maximum buyback price of Rs 220 per share represents a 34.88% premium over the stock's closing price of Rs 163.10 yesterday, 23 June 2015.

Infinite Computer Solutions (India)'s consolidated net profit dropped 78.93% to Rs 10.20 crore on 12.98% increase in total income to Rs 426.65 crore in Q4 March 2015 over Q3 December 2014.

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