Sasken Communication gallops as board to consider special dividend

Sasken Communication Technologies jumped 11.59% to Rs 288.35 at 09:43 IST on BSE after the company scheduled a board meeting on 29 September 2014 to consider special dividend.

Meanwhile, the BSE Sensex was down 12.27 points, or 0.05%, to 26,732.42

On BSE, so far 2.56 lakh shares were traded in the counter, compared with an average volume of 86,094 shares in the past one quarter.

The stock hit a high of Rs 293 and a low of Rs 267.70 so far during the day. The stock hit a 52-week high of Rs 353 on 10 September 2014. The stock hit a 52-week low of Rs 115.60 on 30 September 2013.

The stock had underperformed the market over the past one month till 24 September 2014, falling 12.76% compared with 1.23% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 20.78% as against Sensex's 5.42% rise.

The small-cap company has an equity capital of Rs 21.31 crore. Face value per share is Rs 10.

Sasken Communication Technologies after market hours on Wednesday, 24 September 2014 said that the company's board of directors will meet on 29 September 2014, to consider a proposal for payment of a special dividend, if any.

The Sasken Communication Technologies stock had dropped 18.28% to settle at Rs 258.40 on Wednesday, 24 September 2014 triggered by the company saying that its whole-time director and CEO, Anjan Lahiri, has resigned from the services of the company and consequently from the board of directors with effect from Tuesday, 23 September 2014. The announcement was made during trading hours on Wednesday, 24 September 2014.

Sasken Communication Technologies' consolidated net profit fell 52.3% to Rs 8.36 crore on 6.3% decline in revenue to Rs 108.19 crore in Q1 June 2014 over Q1 June 2013.

Sasken is a leader in providing engineering R&D and productized IT services to global tier 1 customers in the communications & devices, retail, insurance and independent software space.

Powered by Capital Market - Live News