Mastek hits 52-week high on share buyback plan; scrip surges nearly 14%

Shares of Mumbai-headquartered software company Mastek rallied nearly 14 per cent, hitting 52-week high, in early trade on Bombay Stock Exchange (BSE) after the board of company announced a share buyback proposal.

"A meeting of the board of directors of the company will be held on January 08, 2014, to consider a proposal of buyback of equity shares of the company," Mastek said in a filing to BSE.

Cheering the news, shares of company gained as much as 13.93 per cent and touched 52-week high to trade at Rs 184.40 a piece on the BSE.

In a similar fashion, shares of the company advanced 11.30 per cent to Rs 179.80 a piece on National Stock Exchange.

Meanwhile, the broader benchmark Sensex was quoting at 20,770.92, down 80.41 points or 0.39 per cent at 9:55 hours.

Dion Global Solutions Ltd.

Story first published: Monday, January 6, 2014, 12:55 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?