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Sasken Communication Technologies Ltd shares gained significantly on both the exchanges today following the equity buyback move announced by the company yesterday.
The company said that a meeting of the board of directors will on February 16 consider a proposal for buyback of equity shares up to such amount of the company’s paid-up equity capital and free reserves as the board may propose in accordance with the rules.
On the BSE, the scrip gained Rs 15.10 or 14.02 per cent to trade at Rs 122.80 with a trading volume of 1.36 lakh shares. On the NSE, the stock was trading at Rs 122.45, a gain of Rs 14.70 or 13.64 per cent with about 2.74 lakh shares changing hands. But the share was trading way off its 52-week high of Rs 182 on the NSE recorded on April 27, 2011.
The company’s net sales in the third quarter of this fiscal stood at Rs 94.92 crore, which was only marginally less than Rs 98.38 crore in the same quarter previous fiscal. But the net profit was down nearly 50 per cent from Rs 25.12 crore in Q3 of 2010-11 to Rs 13.22 crore in Q3 of 2011-12.
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