Nucleus Software rose 7.5% to Rs.279.70, intra day high point. It is currently 4% up at Rs.270 levels and volumes are up 3 times. Its 52-week high is at Rs.303.30.
The market is happy with the news that its Board is meeting on the 25th of April to consider, the proposal of buy-back of fully paid up equity shares of the company.
The buyback will be up to such amount of the aggregate of company's paid up equity share capital and free reserves as the board may decide in accordance with the provisions of Section 68 of the Companies Act, 2013 and the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998.
The company caters mainly to the BFSI sector and it had ended Q3FY17 with a 17% (QoQ) rise in consolidated net profit at Rs.16 crore though net sales declined 3% at Rs.93 crore.
Promoters currently hold 60.62% stake.