Sasken Comm shares surge 7% on share buy-back plan

Shares of Sasken Communication Technologies soared 7 per cent today after the company said its board will meet on April 23 to consider a proposal for buy-back of equity shares.
The stock gained 7.07 per cent to settle at Rs 259 on the BSE. In intra-day, it surged 13.6 per cent to Rs 274.80.
At the NSE, the scrip ended 6.81 per cent higher at Rs 258.55.
The company's market capitalisation moved up by Rs 36.83 crore to Rs 552.83 crore.
In terms of volume, 1.42 lakh shares of the company changed hands at the BSE and over 5 lakh shares were traded at the NSE during the day.

Sasken Communication Technologies in a filing to the BSE said a meeting of the board will be held on April 23, 2015, to consider a proposal for buy-back of equity shares of the company up to such amount of the aggregate of company's paid up equity capital and free reserves as the board may propose.
The board will also consider a proposal for payment of dividend.
Meanwhile, the BSE Sensex ended at 27,886.21, down 555.89 points.