The company made this announcement during trading hours today, 8 September 2008.

Meanwhile, the BSE Sensex was up 567.47 points, or 3.92%, to 15,051.30. The market got a boost from the Nuclear Suppliers Group on Saturday, 6 September 2008, lifting a 34-year-old embargo on nuclear trade with India.

On BSE 16,697 shares were traded in the counter. The stock had an average daily volume of 2,675 shares in the past one quarter.

The stock hit a high of Rs 30.80 and a low of Rs 27 so far during the day. The stock has a 52-week high of Rs 65.80 on 10 January 2008 and a 52-week low of Rs 19 on 2 July 2008.

The small-cap stock had outperformed the market over the past one month till 5 September 2008, declining 0.58% as compared to the Sensex’s decline of 3.19%. It had also outperformed the market in the past one quarter, gaining 3.21% as compared to the Sensex’s decline of 8.15%.

The company’s current equity is Rs 8.65. Face value per share is Rs 10.

The current price of Rs 28.80 discounts Q1 June 2008 annualized EPS of Rs 2.50, by a PE multiple of 11.52.

The company will buyback its own equity shares through open market at a price not exceeding Rs 32 a share. The total amount of buy back will not exceed Rs 3.14 crore.

Valiant Communications’ net profit rose 217.6% to Rs 0.54 crore on 19% fall in net sales to Rs 1.96 crore in Q1 June 2008 over Q1 June 2007.

The company is engaged in manufacturing telecom transmission equipment and solutions.