Geodesic jumped 6.31% to Rs 66.50 at 9:55 IST on BSE, after the company said it has repurchased foreign currency convertible bonds worth $8.5 million.
The company made the announcement of the buyback of the foreign currency convertible bonds (FCCBs) after trading hours on Tuesday, 31 March 2009.
The stock hit a high of Rs 66.50 and a low of Rs 64 so far during the day. The stock hit a 52-week high of Rs 212 on 13 May 2008 and a 52-week low of Rs 38.50 on 28 January 2009.
The company's current equity is Rs 18.44 crore. Face value per share is Rs 2.
The current price of Rs 66.50 discounts the company's Q3 December 2008 annualized EPS of Rs 27.06, by a PE multiple of 2.46.
The buyback of FCCBs will help reduce liabilities of the company. It will also ease concerns about the impact of foreign exchange fluctuations in the profit & loss account, to the extent of the reduction of the FCCBs.
Geodesic had on 6 March 2009 announced a buyback of up to 25% of equity shares at a maximum price of Rs 75. The company appointed IDFC-SSKI as merchant bankers for the buyback purpose.
Geodesic's net profit fell 58.7% to Rs 62.37 crore on a 60.3% decline in sales to Rs 140.80 crore in Q3 December 2008 over Q2 September 2008.
Geodesic develops messaging and e-business solutions. The company markets an instant messaging technology, which enables users to set up, manage, and broadcast information to other users across networks including cell phones and personal digital assistants. The company also provides consulting services.
Geodesic had on 9 February 2009 announced that the promoters have pledged more than 7.60 lakh shares representing 0.82% of the equity capital of the firm. The company did not mention with whom the shares were pledged. The total promoter shareholding in the company stood at 23.65% as on 31 December 2008.
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