Sasken Comm advances after fixing record date for buyback

Sasken Communication Technologies rose 1.08% to Rs 400.75 at 13:58 IST on BSE after the company fixed 6 January 2017 as record date for the proposed buyback of shares.

The announcement was made after market hours yesterday, 26 December 2016.

Meanwhile, the S&P BSE Sensex was up 208.79 points or 0.81% at 26,015.89.

On the BSE, 846 shares were traded on the counter so far as against the average daily volumes of 8,666 shares in the past one quarter. The stock was volatile. The stock hit a high of Rs 403.75 and a low of Rs 395 so far during the day.

The stock had hit a 52-week high of Rs 448.40 on 21 December 2016 and a 52-week low of Rs 233.10 on 29 February 2016. It had outperformed the market over the past one month till 26 December 2016, sliding 0.09% compared with the Sensex's 1.94% fall. The scrip had also outperformed the market in past one quarter, advancing 13.27% as against the Sensex's 8.79% fall.

The small-cap company has equity capital of Rs 17.72 crore. Face value per share is Rs 10.

Sasken Communication Technologies (Sasken) on Saturday, 24 December 2016 announced to the stock exchanges that the buyback committee of the board of directors, at its meeting held on 23 December 2016, fixed the buyback price of Rs 410 per share and the total consideration for buyback at Rs 120.04 crore excluding the transaction costs. This represents 16.52% of the total issued and paid-up equity share capital of the company as on 31 March 2016.

Sasken Communication Technologies' consolidated net profit fell 9.2% to Rs 9.58 crore on 7.4% decline in net sales to Rs 118.40 crore in Q2 September 2016 over Q2 September 2015.

Sasken Communication Technologies is a leader in providing engineering R&D and productized IT services to global tier I customers in the communications & devices, retail, insurance and independent software space.

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