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Sasken Communication Technologies gained 1.99% to Rs 421 at 12:24 IST after the company scheduled a board meeting on 23 December 2016, to finalize the share price and fix the record date for the proposed share buyback plan.
The announcement was made after market hours yesterday, 20 December 2016.Meanwhile, the S&P BSE Sensex was up 40.01 points or 0.15% at 26,347.99
On the BSE, 38,000 shares were traded on the counter so far as against the average daily volumes of 1.43 lakh shares in the past one quarter. The stock hit a high of Rs 448.40 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 420 so far during the day. The stock 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 20 December 2016, rising 6.17% compared with the 2.11% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 17.02% as against Sensex's 7.72% decline.
The small-cap company has equity capital of Rs 17.72 crore. Face value per share is Rs 10.
On 27 October 2016, the board of directors of Sasken Communication Technologies had approved the buyback of up to 28.24 lakh equity shares (representing 15.94% of the total paid-up equity share capital of the company) at a maximum price of Rs 425 per share payable in cash for a total consideration not exceeding Rs 120.04 crore. The company will buyback shares on a proportionate basis through the tender offer route using stock exchange mechanism, Sasken Communication Technologies said.
Sasken Communication Technologies' consolidated net profit fell 9.19% to Rs 9.58 crore on 7.36% rise in net sales to Rs 118.40 crore in Q2 September 2016 over Q2 September 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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