Quick Heal Technologies gains 7% as board considers share buyback

Shares of Quick Heal Technologies gained 7 per cent to Rs 216 on the BSE in intraday trade on Thursday, after the company announced that its board will consider share buyback proposal on March 5, 2019.

The company on Wednesday, after market hours, said that a meeting of the board of directors of the company is scheduled to be held on March 5, 2019, to inter alia consider and approve the proposal for buyback of equity shares of the company.

The primary objective of a share buyback programme is to arrest the fall in the value of a stock by reducing the supply of the stock, which essentially pushes up the share price through a better P/E multiple.