Nucleus Software Exports witnessed a sharp rise in share price on Wednesday after the company said its board approved buyback of shares at a price not exceeding Rs 350 a share via tender offer.
The company announced a sharp rise in consolidated net profit for the quarter ended March 2017. During the quarter, the profit of the company rose 57.66% to Rs 222.62 million from Rs 141.20 million in the same quarter previous year.
Revenues for the quarter rose marginally 1.03% to Rs 936.90 million, compared with Rs 927 million for the prior year period.
Shares of Nucleus Software Exports are trading at Rs 315.60, up Rs 31.6, or 11.13% at the Bombay Stock Exchange (BSE) on Wednesday at 11:36 a.m.
The scrip has touched an intra-day high of Rs 329.50 and low of Rs 310.00. The total volume of shares traded at the BSE is 274,627.
Total volume of shares traded on the bourses today was higher by 103.98% to 274,627 compared with 22-day average volume of 134,636.