Shares of Sasken Technologies
gained 7% after the company in its filing to the exchanges informed that its board will meet on April 23 to consider buyback of fully paid-up equity shares of the company.
“The board will also consider the audited financial results of the company for the quarter and year ended March 31, 2019 and proposal for recommendation of final dividend,” the company said in a press note after markets hours to the exchanges on Tuesday.
On Wednesday financial markets in Indian were shut on account of Mahavir Jayanti.
The primary objective of a share buyback programme is to arrest the fall in the value of a stock by trimming the supply of the stock, which essentially pushes up the share price through a better price to earnings (P/E) multiple.
Sasken Technologies Ltd's share is currently at Rs704.95, up by Rs47.95 or 7.3%, from its previous close of Rs657 on the BSE.
The scrip opened at Rs672.25 and has touched a high and low of Rs728.60 and Rs672.25, respectively. So far, 82,023 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs1,124.13cr.