Sasken to consider buyback
Friday, April 11, 2008Sasken Communication Technologies has informed the us that the Board of Directors of the company (scheduled to meet on April 18, 2008) will also consider a proposal for buyback of equity shares. This could be a near-term trigger for the stock after a huge under performance of ~50% (against BSE IT index) in the last three months, but our fundamental concerns remain intact.
Citigroup Analyst in a report said,
Sasken's services business has been significantly impacted by rupee and client-specific challenges, while its products business has gone through challenging times (with no respite in sight). The stock trades close to our target price, and anyThey have a target price of Rs 138 with a SELL High Risk rating on the stock.
move up would provide a more attractive opportunity to sell the stock.
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