Nucleus Software soars 16% as board approves share buyback

The stock hit 52-week high of Rs 330 after the board approved share buyback at Rs 350 per share

Nucleus Software Exports hit 52-week high of Rs 330, up 16% on BSE after the company said its board approved buyback of shares at a price not exceeding Rs 350 per share via tender offer.

“At the maximum offer price of Rs 350 per equity share and for the maximum offer size of Rs 118 crore, the indicative maximum number of equity shares that can be bought back would be 3.37 million fully paid up equity shares representing 10.39% of the total paid up equity share capital of the Company,” Nucleus Software Exports said in a BSE filing.

The promoters/promoter groups of the company do not intend to participate in the proposed buyback, it added.

Meanwhile, the company reported a healthy 578.6% year-on-year (YoY) growth in its consolidated net profit at Rs 22.26 crore for the fourth quarter ended March 31, 2017 (Q4FY17). Total income from operations grew marginally by 1% at Rs 93.69 crore against Rs 92.73 crore in the corresponding quarter of previous fiscal.

At 09:54 am; the stock was up 10% at Rs 312 against 0.43% rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than eight-fold with a combined 1.2 million shares changed hands on the BSE and NSE so far.