Smartlink Holdings was up 12.19% to Rs 108.60 at 14:48 IST on the BSE, after the company's board of directors approved a proposal of buyback of equity shares of the company.
The announcement was made during market hours today, 14 June 2019.Meanwhile, the S&P BSE Sensex was down by 104.24 points, or 0.26% to 39,637.12.
On the BSE, 77,000 shares were traded in the counter so far compared with average daily volumes of 4,683 shares in the past two weeks. The stock has hit a 52-week high of Rs 112.50 in intraday trade today, 14 June 2019. The stock had hit a low of Rs 98.50 so far during the day. It hit a 52-week low of Rs 68.10 on 22 May 2019.
Smartlink Holdings announced that the board of directors of the company has approved the buyback proposal not exceeding 42 lakh equity shares (approximately being 24.78% of the total paid-up equity capital of the company) at Rs 130 per share for an aggregate amount not exceeding Rs 54.60 crore. The buyback would be on a proportionate basis, through the tender offer route.
Smartlink Holdings reported a consolidated net loss of Rs 2.40 crore in Q4 March 2019 over a consolidated net loss of Rs 1.58 crore in Q4 March 2018. The consolidated total income of the company rose by 14.9% to Rs 27.30 crore during the stated period.
Smartlink Holdings is a networking company. The Company is engaged in the business of developing, manufacturing, marketing, distributing and servicing of networking products.
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