The company made the announcement after market hours on Wednesday, 19 June 2013. Shares of S Mobility rose 5% to Rs 36.75 on Thursday, 20 June 2013. The stock has risen 10.14% in two consecutive sessions from Rs 35 on 19 June 2013.
Meanwhile, the S&P BSE Sensex was up 50.91 points, or 0.27%, to 18,770.20.
On BSE, 80 shares were traded in the counter as against an average daily volume of 6,970 shares in the past one quarter.
The stock had hit a 52-week high of Rs 51.20 on 11 July 2012. The stock had hit a 52-week low of Rs 22.20 on 6 May 2013.
The stock had underperformed the market over the past one month till 20 June 2013, sliding -5.53% compared with the Sensex's 7.44% fall. The scrip had, however, outperformed the market in past one quarter, spurting 41.62% as against Sensex's 0.87% fall.
The small-cap company has an equity capital of Rs 71.43 crore. Face value per share is Rs 3.
S Mobility said its board approved buying back a maximum of 1.10 crore equity shares of the company for an aggregate amount not exceeding Rs 60 crore from the open market through stock exchange mechanism at a price not exceeding Rs 75 per share.
The ruling market price is at a 48.60% discount to the maximum buyback price of Rs 75 per share.
On a consolidated basis, S Mobility reported a net profit of Rs 2.20 crore in the quarter ended March 2013 compared with net loss of Rs 20 crore in the quarter ended March 2012. Net Sales fell 28.81% to Rs 393.90 crore in the quarter ended March 2013 over the quarter ended March 2012.
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