Mastek jumps on buyback plan

Mastek jumped 9.08% to Rs 175.50 at 9:17 IST on BSE after the company said its board will meet on Wednesday, 8 January 2014, to consider a proposal of buyback of equity shares of the company.

The company made the announcement after market hours on Friday, 3 January 2014.

Meanwhile, the BSE Sensex was down 49.19 points, or 0.24%, to 20,802.14.

On BSE, so far 53,000 shares were traded in the counter, compared with an average volume of 49,360 shares in the past one quarter.

The stock hit a high of Rs 178.50 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 171 so far during the day. The stock hit a 52-week low of Rs 103 on 2 August 2013.

The stock had outperformed the market over the past one month till 3 January 2014, rising 14.22% compared with the Sensex's 0.02% fall. The scrip had also outperformed the market in past one quarter, rising 11.89% as against Sensex's 4.77% rise.

The small-cap company has an equity capital of Rs 12.32 crore. Face value per share is Rs 5.

Mastek's consolidated net profit surged 112.27% to Rs 15.05 crore on 7.85% growth in net sales to Rs 233.71 crore in Q2 September 2013 over Q1 June 2013.

Mastek is a leading IT player with global operations providing enterprise solutions to insurance, government, and financial services organizations worldwide.

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