Nucleus Software buyback plan , stocks surges 16%

Nucleus Software

The IT and consultancy service provider, Nucleus Software shares surges to 16% on wednesday. The company announces the Board meeting on Friday, 24 September, 2021 to consider a proposal for share buyback.On July 2, 2021, the stock of an information technology (IT) software products company reached a 52-week high of Rs 765.35.

In exchange filing on tuesday Nucleus announces,“A meeting of the board of directors of the company will be held on Friday, 24 September, 2021 inter-alia to consider the proposal for buyback of the fully paid-up equity shares of the company,”A share buyback program's main goal is to stop a stock's value from falling by reducing its supply, which essentially drives up the share price through a greater Price to Earnings (P/E) multiple.

According to Nucleus Software's BSE shareholding pattern, Chennai-based investor Dolly Khanna owns 1.09 percent stake in the company, or 3,16,831 shares, compared to 1.15 percent, or 3,33,251 shares, in the March 2021 quarter. Khanna is known for identifying stocks from the midcap and smallcap segments that are less well-known.

Khanna has a net worth of about 340 crore, according to Trendlyne, and has been investing in the financial markets since 1996.“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 further added.

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