Sasken Comm slips after fixing buyback terms

Sasken Communication Technologies fell 3.85% to Rs 398 at 14:21 IST on BSE after the company fixed share buyback price at Rs 410 per share, a near 1% discount to the stock's closing price of Rs 413.95 per share on Friday, 23 December 2016.

Meanwhile, the S&P BSE Sensex was down 157.59 points or 0.61% at 25,883.11.

On the BSE, 6,164 shares were traded on the counter so far as against the average daily volumes of 8,650 shares in the past one quarter. The stock had hit a high of Rs 410 and a low of Rs 392.25 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 23 December 2016, advancing 8.18% compared with the Sensex's 0.04% fall. The scrip had also outperformed the market in past one quarter, surging 17.78% as against the Sensex's 9.17% fall.

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

Sasken Communication Technologies on Saturday, 24 December 2016 announced to the exchanges that the buyback committee of the board of directors, at its meeting held on Friday, 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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