India's Quick Heal hits 6-month high as share buyback masks weak results

Quick Heal Technologies

22/07/2022 07:00

** Shares of security software maker Quick Heal Technologies
 QUIC.NS  rise as much as 9.7% to 218 rupees, the highest since
Jan. 24
    ** QUIC said late on Thursday it would buy back 8.6% of its
equity share capital for up to 1.5 bln rupees ($18.77 mln), via
tender offer route (https://bityl.co/DObz)
    ** Share buyback price set at 300 rupees per share, a 51%
premium to Thursday's close of 198.7 rupees
    ** Buyback announcement helps shift focus away from a 97%
drop in first-quarter profit on higher expenses and slow revenue
growth
    ** Rev rose 11.5% Y/Y, but slid 41% Q/Q 
    ** QUIC shares set for best week on record
    ** More than 1.3 mln shares trade by 0533 GMT, 6.1x 30-day
avg of 214,823 shares
    ** Shares down 19.8% YTD up to last close
    
($1 = 79.9150 Indian rupees)

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))