Mastek shares rally nearly 14% ahead of buyback proposal

Extending its rally for the fourth consecutive session, stocks of IT firm Mastek today surged nearly 14 per cent ahead of the company's share buyback plan.
Mastek's scrip jumped 13.57 per cent to Rs 207.90 -- its 52-week high on the BSE.
At the NSE, the stock soared 13.78 per cent to touch a one-year peak of Rs 208.
In just three trading sessions after the company announced the buyback plan, the scrip has gained 28.45 per cent.
In a communication to the stock exchanges on Friday, Mastek had said, "A meeting of the Board of Directors of the company will be held on January 8, 2014, to consider a proposal of buyback of equity shares."

At the end of September quarter, the total promoter holding in the IT firm stood at 46.70 per cent.