Nucleus Software shares rally 32% in 2 days as company to consider share buyback

Shares of Nucleus Software Exports have rallied 32% in two days going up to its day’s high of Rs 1,560 on BSE today after the company on Monday announced that its board will consider a share buyback in its upcoming board meeting to be held on August 22.

Nucleus Software shares had hit the 20% upper circuit in Tuesday’s session in reaction to the update.

“The Board of Directors of Nucleus Software Exports Limited is scheduled to be held on August 22, 2024, to inter alia, consider the proposal for Buy Back of Equity Shares of the Company including matters related/incidental thereto in accordance with the applicable provisions under the Companies Act, 2013, Securities and Exchange Board of India Regulations, 2018, as amended, and other applicable provisions,” said the company in a filing to the exchanges.

In case the board of Nucleus Software approves the share buyback, this will be the second instance of the company buying back the shares. Prior to this, the company had carried out a share buyback in September 2021.

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Nucleus Software rewards its shareholders with frequent dividend payouts.

Shares of Nucleus Software Exports have gained 264% in the last 2 years while in the last 1 year, the shares have increased by 45%. In the last 6 months and 3 months’ time, the stock has witnessed gains of 11.5% and 9% respectively.

Nucleus Software Exports is an Indian IT company in the banking and financial services sector. It offers IT and consultancy services serving a variety of sectors of the banking industry.

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