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.