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

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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]
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