Nucleus Software's Stock Rallies On Buyback Plan

Shares of Nucleus Software Exports Ltd. jumped as much as 16% on the back of a buyback proposal.

The board of directors will meet on Friday, Sept. 24, to consider the proposal for buyback of the fully paid-up equity shares of the company, it said in an exchange filing on Tuesday after market hours.

The Noida-based IT firm provides lending and transaction banking products to the global financial services industry. It has a market cap of more than Rs 1,700 crore.

The stock jumped to Rs 614 apiece in morning trade but pared some gains. Its trading volume was more than 15 times the 20-day average for this time of day.

The shares have declined more than 7% so far this year compared with the 25% gain in the S&P BSE Sensex. It crossed above the 200-day simple moving average, indicating potential upward price momentum, according to Bloomberg data.