Mindtree to consider share buyback on June 28
The stock has underperformed both BSE Mid-cap and BSE IT index over a period of one year. Its closest peers include L&T Infotech and Vakrangee. The primary objective of a share buyback program is to arrest the fall in the value of a stock by reducing the supply of the stock, which essentially pushes up the share price through a better P/E multiple.
In the past five trading sessions, Mindtree Limited has gained around 3.22% in Friday’s trade and is expected to gain further. Mindtree Limited, an international information technology (IT) implementation and consulting company, delivers business solutions through global software development. The company operates in two segments, Product Engineering (PE) Services and Information Technology (IT) Services.
Stock View :-
Mindtree Ltd ended at Rs 531.85, up by Rs 11.15 or 2.14% from its previous closing of Rs 520.7 on the BSE.
The scrip opened at Rs 534 and touched a high and low of Rs 537.5 and Rs 525.45 respectively. A total of 1349242(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 8936.47 crore.
The BSE group 'A' stock of face value Rs 10 touched a 52 week high of Rs 681.5 on 05-Jul-2016 and a 52 week low of Rs 400 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 537.5 and Rs 512 respectively.
The promoters holding in the company stood at 13.67 % while Institutions and Non-Institutions held 46.28 % and 40.05 % respectively.
Mindtree Ltd :-
BSE 531.85 11.15 (2.14%)
NSE 532.00 11 (2.11%)