Nucleus Software rallies on share buyback plan

The stock rallied 7% to Rs 280 after the company said board will meet on Apr 25 to consider buyback

Nucleus Software Exports has moved higher by 7.5% to Rs 280 on BSE after IT software products firm said that its board will meet on April 25 to consider share buyback proposal.

“A meeting of the board of directors of the company will be held on Tuesday, April 25, 2017, to consider, the proposal of buy-back of fully paid up equity shares of the company,” Nucleus Software said in a BSE filing.

Earlier on April 18, the company said that the meeting will be held for audited standalone and consolidated financial results of the company for the quarter and financial year ended March 31, 2017 (FY17). The board would also consider recommendation of final dividend for the FY17.

Thus far in the calendar year 2017, three IT companies – Tata Consultancy Services (TCS), HCL Technologies and MphasiS – had approved share buyback proposals as most of these companies underperformed the market. Nucleus Software was gained 1.7% as compared to 10% rise in the S&P BSE Sensex till Wednesday.

At 10:46 am; the stock was up 5% at Rs 273 on BSE as compared to 0.31% rise in the benchmark index. A combined 244,867 shares changed hands on the counter on BSE and NSE so far.