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Mastek hits 52-week high on share buyback plan

Capital Market/ 09:58 , Feb 25, 2014

Mastek rose 2.51% to Rs 223 at 9:56 IST on BSE after the firm said its board has decided to proceed with buyback of up to 32 lakh fully paid-up equity shares at a maximum buyback price of Rs 250 per share for an amount not exceeding Rs 54.50 crore.

The announcement was made after market hours on Monday, 24 February 2014.

Meanwhile, the S&P BSE Sensex was up 82.86 points or 0.4% at 20,894.30.

On BSE, so far 78,000 shares were traded in the counter as against average daily volume of 1.29 lakh shares in the past one quarter.

The stock hit a high of Rs 225.10 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 219.50 so far during the day. The stock had hit a 52-week low of Rs 103 on 2 August 2013.

The stock had outperformed the market over the past one month till 24 February 2014, surging 20.16% compared with the Sensex's 1.52% fall. The scrip had also outperformed the market in past one quarter, galloping 57.3% as against Sensex's 2.94% rise.

The small-cap company has equity capital of Rs 12.32 crore. Face value per share is Rs 5.

Mastek's board of directors at a meeting held on Monday, 24 February 2014, decided to proceed with the buyback of equity shares pursuant to the special resolution approved by the shareholders of the company. Mastek would buyback up to 32 lakh fully paid-up equity shares of face value of Rs 5 each (not exceeding 25% of the total paid-up equity share capital as at the nine month period ended 31 March 2013) for an amount not exceeding Rs 54.50 crore (excluding brokerage and other charges), being 14.92% of total paid-up share capital and free reserves as on 31 March 2013 for a price not exceeding Rs 250 per share from the shareholders of the company under the buyback regulations from the open market through the stock exchanges.

Mastek's consolidated net profit rose 21.86% to Rs 18.34 crore on 2% growth in net sales to Rs 238.38 crore in Q3 December 2013 over Q2 September 2013.

Mastek is a leading IT player with global operations providing enterprise solutions to insurance, government, and financial services organizations worldwide.


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