Buyback boom for Polaris Software

DALAL STREET SPIKES

Polaris Software was in the limelight and witnessed sustained buying on back of rumours that the company is planning a buy-back. The stock as a result was very active since morning and managed to buck the weak trend to gain 4.78 per cent.

The stock closed at Rs 200.75 after touching an intra-day high of Rs 202 on the back of heavy volumes of 35.54 lakh shares at the BSE.

According to market sources, today's gain in Polaris was purely backed by rumours that the company is planning a complete buy-back of its shares at a premium to prevailing market price. Sources said, Polaris counter has been I focus for some time now on talks that IBM is acquiring stake in the company, but nothing has materialised so far.

The rumour in the market is that the company is planning a buy-back at around Rs 225 per share. From a low of Rs 157.10 on February 26, the stock has now appreciated by 27.39 per cent to today's close of Rs 200.75.