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Bharat Rasayan stock rises 4% as board approves share buyback

BusinessToday.In     January 13, 2021

Bharat Rasayan share rose nearly 4% in early trade today after the company's board approved a share buyback proposal. The small cap stock touched an intraday high of Rs 10,763.3, rising 3.99% against the last close.

The share has gained 71.97% in one year and risen 8.57% since the beginning of this year.

Market cap of the firm rose to Rs 4,484 crore. Bharat Rasayan share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Later, the share closed 1.98% higher at Rs 10,554 on BSE.

The board in its meeting held on January 12 approved the proposal of buyback of its fully paid-up equity shares of Rs 10 each from the equity shareholders of the company.

The firm has proposed to buy back up to 93,472 equity shares of Rs 10 each, comprising of 2.20% of the total paid-up equity share capital of the company at a price of Rs 11,500 per equity share for an aggregate amount not exceeding Rs 107.49 crore.

The share touched its 52-week high Rs 11,699.00 and 52-week low Rs 4,586.00 on 11 August, 2020 and 24 March, 2020, respectively. 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, flavours and fragrances and specialty chemicals.

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