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Aarti Drugs stock surges 15% after board clears Rs 60-crore share buyback plan

Share of Aarti Drugs touched an intraday high of Rs 785, climbing 14.92% against previous close of Rs 683.10 on BSE. The  buyback price of Rs 1,000 is 46% higher than the previous close of Rs 683.10

twitter-logoBusinessToday.In | March 19, 2021 | Updated 17:01 IST
Aarti Drugs stock surges 15% after board clears Rs 60 crore share buyback plan
Aarti Drugs share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Aarti Drugs share rose 15% in trade today after the company's board approved buyback of shares worth Rs 60 crore. Share of Aarti Drugs touched an intraday high of Rs 785, climbing 14.92% against previous close of Rs 683.10 on BSE. The  buyback price of Rs 1,000 is 46% higher than the previous close of Rs 683.10.

Aarti Drugs share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The pharma stock has risen 538% in one year and gained 6.23% since the beginning of this year. Market cap of the firm rose to Rs 6,341 crore on BSE. The stock has gained 10.07% in last two days.

The board has cleared the buyback of up to 6,00,000 fully paid-up equity shares of face value of Rs 10 each.

The buyback represents up to 0.64% of the total number of equity shares of the company at a price of Rs 1,000 per equity share payable in cash for an aggregate amount of up to Rs 60 crore.

The buyback will be done on a proportionate basis through tender offer to all the equity shareholders/ beneficiary owners who hold equity shares on the record date, the firm said.

Top gainers today: 5 shares rise up to 5%; NTPC, HUL, Power Grid Corp, Reliance, ITC

The board has set the record date for the proposed buyback as April 1, 2021.

The mid cap share hit a 52-week high of Rs 1,025 and a 52-week low of Rs 105.56 on 8 October, 2020 and 19 March, 2020, respectively.

The firm reported a 144.92% rise in Q3 net profit to Rs 68.04 crore against Rs 27.78 crore profit in corresponding quarter of previous fiscal.

Total income climbed 12.35% to Rs 532.26 crore in Q3 against Rs 473.76 crore in Q3 of last fiscal.

Meanwhile, Sensex and Nifty extended rally in the last hours on Friday. Sensex surged 641 points or 1.3 per cent to close at 49,858 and Nifty ended at 14,736.80, up by 178.95 points or by 1.23 per cent. In line with benchmark indices, the broader markets also settled in green.

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