Shares of Nucleus Software Exports surged 15% in Wednesday’s early deals on the BSE to ₹590 per share after the Indian IT company announced that its board will consider share buyback proposal this week. Nucleus Software offers IT and consultancy services to variety of sectors of the banking industry.
“A Meeting of the Board of Directors of the Company will be held on Friday, September 24, 2021 inter-alia to consider the proposal for BuyBack of the fully paid-up equity shares of the Company,” Nucleus announced in an exchange filing.
As per the BSE shareholding pattern of Nucleus Software, the Chennai-based investor Dolly Khanna’s stake stands at 1.09% or 3,16,831 shares as compared to 1.15% stake or 3,33,251 shares in the March 2021 quarter. Khanna is known for picking lesser known stocks from midcap and smallcap segment. Khanna, who has been investing in the stock markets since 1996, has a net worth of around ₹340 crore, as per Trendlyne.
Nucleus Software further informed that “In terms of Company’s Code of Conduct for Regulating, Monitoring and Reporting of trading by Designated Persons of the Company framed pursuant to the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, the trading window for dealing in securities of the company has been closed till 48 hours after the conclusion of the said meeting.”
Nucleus Software shares have been an underperformer this year amid the bull market rally as the stock has declined 12% in a year and is down over 5% this year (year-to-date) as compared to a 23% rise in benchmark Sensex.
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