Aptech surges as board approves buyback of shares

MUMBAI: Shares of Aptech surged higher in early trade after the company approved buyback of equity shares from the open market upto 25 per cent of the capital and free reserve of the company.

At 10:20 a.m.; the stock was at Rs 63.70, up 9.08 per cent, on the BSE. It touched a high of Rs 65.80 and a low of Rs 62.20 in trade today.

“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 stock rallied five days ago after the company had announced buyback plan. It has gained over 15 per cent since May, 9.

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.