Bharat Rasayan share rose 12% in early trade today after the company said that its board will consider share buyback on Tuesday, January 12, 2021. The stock opened with a gain of 6.65% at Rs 10,062 against previous close of Rs 9,434 on BSE.
The small cap stock touched an intraday high of Rs 10,543.65, rising 11.75% against the last close. The share has gained 69.78% in one year and risen 3.82% since the beginning of this year.
Market cap of the firm rose to Rs 4,288 crore. Bharat Rasayan share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
"This is to inform you that pursuant to Regulation 29(1)(a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Meeting of the Board of Directors of the Company will be held on Tuesday, the 12th day of January, 2021 at 2:30 P.M. Inter-alia, amongst other matters, to consider the proposal of buyback of equity shares of 10/- each fully paid, of the Company," the firm said.
Bharat Rasayan's consolidated net profit fell 35.4% to Rs 35.27 crore in Q2 against net profit of Rs 54 crore in corresponding quarter of previous fiscal. Net sales fell 12.9% to Rs 318.46 crore in Q2 September 2020 over Rs 365 crore in Q2 of 2019.
Bharat Rasayan serves a wide range of industries including but not limited to pharmaceuticals, bulk drugs, R&D, petrochemicals, flavors & fragrances and specialty chemicals.