Equity Alert: Sasken up 21% in two days on hopes of share buyback

[K.Karthik Raja]

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Equity Alert: Sasken up 21% in two days on hopes of share buyback
MUMBAI--1:45PM--Shares of Sasken Communication Technologies have
risen
21% since Monday's open level, after it informed some investors that
the share
buyback programme is likely to start in a couple of weeks, analysts
said.
The company plans to buy back its shares at up to 260 rupees each,
with the
total spending limit for the buyback programme being 400 mln rupees.
The shares were at 156.35 rupees, up 12% from Monday's close.
The company has not yet received the approval from Securities and
Exchange Board of India for the share buyback as the regulator had
raised
some concerns.
"We are in discussions with SEBI and expect its concerns to be
resolved in
two weeks," a Sasken official said.
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