Buyback plan comes as a booster for Mastek

DALAL STREET SPIKES

Mastek witnessed buying interest on Tuesday on news that its board would consider a buy-back proposal on May 17, 2004.

The stock, in intra-day trades, gained nearly three per cent and touched a high of Rs 256.50, before closing at Rs 241.55, down 1.41 per cent from its previous close.

The Sensex, meanwhile, crashed 230 points on political worries and aggressive selling by foreign institutions. The Mastek counter witnessed a volume of 3.85 lakh shares on the BSE.

According to analysts, today's rally was purely news driven with the company planning a share buy-back. The stock has been under selling pressure and have lost over 10 per cent from Rs 274.30 on May 6 to Tuesday's close of Rs 241.55.