MindTree gains on share buyback plan

MindTree was up 3% to Rs 535 on the BSE in early morning trade after IT consulting & software services provider said that its board will meet on June 28, to consider a share buyback proposal. “A meeting of the board of directors of the Company will be held on June 28, 2017 to inter-alia, consider the proposal to buyback the fully paid-up equity shares of the Company,” MindTree said in a regulatory filing. Thus far in the calendar year 2017, the stock had underperformed the market and remained flat as compared to 17.5% rise in the benchmark S&P BSE Sensex till Thursday. Future & Option Trading Tips




MindTree is the 10th IT firm that announced share buyback proposal in past one year. Earlier, Tata Consultancy Services (TCS), HCL Technologies, MphasiS, Sasken Technologies, Hexaware Technologies, R Systems International, eClerx Services and Infinite Computer Systems had announced share buyback proposal. These companies said the buyback is a capital allocation decision taken with the objective of seeking a fairer valuation of the Company’s stock while improving the Company’s Return on Equity and increasing shareholder value in the longer term. Financial Astrology Tips