Mastek board okays buyback, stock zooms 20%

Mumbai-based IT services and solutions company Mastek informed BSE that it has approved the buyback of the company's equity shares at a price not exceeding Rs 750 per share, upto an aggregate amount of Rs 65 crore, being within 25% of the total paid-up capital and free reserves. Post the announcement the company's share price has zoomed 20% to Rs 385.

Mastek Q1 consolidated net profit for the quarter ended September 2007 stood at Rs 25.12 crore as against Rs 21.19 crore in the corresponding quarter a year ago. (The numbers are not comparable as the company had sold its stake in JV with Deloitte as of March 09, 2007).