Aptech rallies on buyback plan; up over 40% in May

MUMBAI: Shares of Aptech Ltd surged over 12 per cent in intraday trade on Tuesday after the company approved buyback of equity shares from the open market using up to 25 per cent of the paid-up capital and free reserves of the company.

The stock pared some of its intraday gains and closed at Rs 63.40, up 8.5 per cent, on the BSE. It touched a high of Rs 65.80 and a low of Rs 62.20 in trade today.

The stock rallied in the last five days, after the company had announced buyback plan. It has gained over 15 per cent since May 9 and over 40 per cent so far in the month.

"The maximum price of buyback of shares will be upto Rs 82 per share and the aggregate consideration for buyback will be upto Rs 64.66 crore," the company said in the filing to the stock exchanges.

The buyback price is at a premium of over 28 per cent to the current market price. The stock is likely to see some more upmove in the near term, say dealers.

The company has reported 58 per cent jump in consolidated net profit at Rs 15.54 crore for the quarter ended March 2013 on the back of one time gain of Rs 8 crore. Total income grew 19 per cent at Rs 48.58 crore.

"Last quarter has been quite good for us as we did a topline of Rs 48 crore compared to Rs 40 crore last year, which is a significant growth," said Ninad Karpe, CEO and MD, Aptech.