Sasken Communication Technologies rose 0.72% to Rs 154.20 at 12:57 IST on BSE after the company said it has filed an appeal before the Securities Appellate Tribunal to proceed with its proposed buyback of shares.
The company made this announcement before trading hours today, 26 August 2008.
The stock hit a high of Rs 158.80 and a low of Rs 151.10 so far during the day. The stock had hit a 52-week high of Rs 407 on 4 September 2007 and a 52-week low of Rs 84 on 24 March 2008.
The company has an equity capital of Rs 28.56 crore. Face value per share is Rs 10.
The current price of Rs 154.20 discounts its Q1 June 2008 annualised EPS of Rs 12.82, by a PE multiple of 12.03.
The stock market regulator Securities and Exchange Board of India (Sebi) had imposed certain conditions and directives in the implementation of its buy back, Sasken Communication said.
The company in its appeal has said it should be allowed to proceed with the buyback scheme with the same conditions as set out in its original announcement. Sasken had announced its share buyback via a public announcement on 18 April 2008, and then subsequently on 2 May 2008 postponed it, pending approval from Sebi.
Sasken Communication Technologies’ net profit rose 29.24% to Rs 9.15 crore in Q1 June 2008 over Q4 March 2008. Total income rose 7.81% to Rs 110.72 crore in Q1 June 2008 over Q4 March 2008.
The company provides telecommunication software services and solutions. The group operates in three segments, software services, software products and network engineering services.
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