Sasken surges as board to consider share buyback proposal

Sasken Communication Technologies gained 6.46% to Rs 431.20 at 10:41 IST after the company scheduled a board meeting on 27 October 2016 to consider buyback of equity shares of the company.

The announcement was made after market hours yesterday, 24 October 2016.

Meanwhile, the S&P BSE Sensex was down 126.98 points or 0.45% at 28,052.10

On BSE, so far 62,000 shares were traded in the counter as against average daily volume of 5,847 shares in the past one quarter. The stock hit a high of Rs 440 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 415.15 so far during the day. The stock had hit a 52-week low of Rs 233.10 on 29 February 2016. The stock had outperformed the market over the past 30 days till 24 October 2016, rising 15.25% compared with 1.71% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 12.83% as against Sensex's 0.72% rise.

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

Sasken Communication Technologies' board of directors will also consider declaration of interim dividend in their meeting on 27 October 2016. The company has fixed 5 November 2016 as the record date for the purpose of payment of interim dividend.

Sasken Communication Technologies' consolidated net profit rose 58.48% to Rs 15.61 crore on 11.44% rise in net sales to Rs 121.78 crore in Q1 June 2016 over Q1 June 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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