Mindtree advances on share buyback proposal

Mindtree rose 1.71% to Rs 529.60 at 9:45 IST on BSE after the company said its board will meet on 28 June 2017, to consider a proposal for buyback of shares.

The announcement was made after market hours yesterday, 22 June 2017.

Meanwhile, the S&P BSE Sensex was down 37.94 points, or 0.12% at 31,252.80. The S&P BSE Mid-Cap index was down 88.88 points, or 0.6% at 14,674.19.

On the BSE, 15,000 shares were traded on the counter so far as against the average daily volumes of 53,507 shares in the past one quarter. The stock had hit a high of Rs 534.90 and a low of Rs 527.25 so far during the day. The stock had hit a 52-week high of Rs 681.50 on 5 July 2016 and a 52-week low of Rs 400 on 9 November 2016.

The stock had outperformed the market over the past one month till 22 June 2017, advancing 3.64% compared with the Sensex's 2.35% rise. The scrip had also outperformed the market over the past one quarter advancing 10.35% as against the Sensex's 7.28% rise. The scrip had, however, underperformed the market over the past one year declining 20.35% as against the Sensex's 16.91% rise.

The mid-cap company has equity capital of Rs 168.03 crore. Face value per share is Rs 10.

Mindtree said that a meeting of the board of directors of the company will be held on 28 June 2017, to consider the proposal to buyback the fully paid-up equity shares of the company.

Mindtree's consolidated net profit fell 5.72% to Rs 97.20 crore on 1.76% increase in net sales to Rs 1318.10 crore in Q4 March 2017 over Q3 December 2016.

Mindtree delivers digital transformation and technology services from ideation to execution, enabling Global 2000 clients to outperform the competition.

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