Quick Heal Tech spurts as board approves buyback

Quick Heal Technologies rose 4.59% to Rs 234.70 at 11:35 IST on BSE after the company's board of directors approved buy-back of equity shares at Rs 275 per share on a proportionate basis.

The announcement was made after market hours yesterday, 5 March 2019.

Meanwhile, the S&P BSE Sensex was up 157.80 points, or 0.43% to 36,600.34

On the BSE, 1.02 lakh shares were traded in the counter so far compared with average daily volumes of 67,000 shares in the past two weeks. The stock had hit a high of Rs 239.90 and a low of Rs 231.45 so far during the day. The stock hit a 52-week high of Rs 354.15 on 11 May 2018. The stock hit a 52-week low of Rs 171.50 on 18 February 2019.

Quick Heal Technologies' board of directors approved buy-back of up to 63.63 lakh equity shares aggregating up to 9.02% of fully paid-up equity share capital of the company for an aggregate amount not exceeding Rs 175 crore, at Rs 275 per share on a proportionate basis through a tender offer. The promoters of the company have communicated their intention to participate in the buyback and offer up to 46.02 lakh equity shares.

Net profit of Quick Heal Technologies rose 101.88% to Rs 16.09 crore on 3.65% rise in net sales to Rs 65.91 crore in Q3 December 2018 over Q3 December 2017.

Quick Heal Technologies is an IT security solutions company.

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