MphasiS fell 3.38% to Rs 1152.70 at 11:22 IST on BSE after consolidated net profit rose 8.68% to Rs 258.31 crore on 4.34% increase in net sales to Rs 1820.22 crore in Q1 June 2018 over Q4 March 2018.
The result was announced after market hours yesterday, 7 August 2018.Meanwhile, the S&P BSE Sensex was up 161.64 points, or 0.43% to 37,827.44.
On the BSE, 26,000 shares were traded in the counter so far compared with average daily volumes of 52,000 shares in the past two weeks. The stock had hit a high of Rs 1214 and a low of Rs 1143.15 so far during the day. The stock hit a record high of Rs 1,237.30 on 25 July 2018. The stock hit a 52-week low of Rs 560 on 11 August 2017.
Separately, MphasiS announced after market hours yesterday, 7 August 2018, that its board approved a proposal for buyback of equity shares from all the existing shareholders of the company on a proportionate basis through the tender offer method at a maximum price of Rs 1350 per equity share, aggregating to an amount not exceeding Rs 988.27 crore. The resultant shares to be bought back with the maximum price is 73,20,555 equity shares of Rs 10 each (representing 3.79% of the total paid up equity share capital of the company). The buyback offer size of Rs 988.27 crore, is 25% of the total paid-up equity capital and free reserves of the company as per the audited financials as at 30 June 2018. The board also recorded the intentions of the promoter to participate in the proposed buyback.
MphasiS is an Information Technology (IT) solutions provider specializing in cloud and cognitive services.
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