Comments
Scrip of realty firm Sobha today surged 7.5 per cent after the company bought back 17.59 lakh shares from existing shareholders for Rs 58 crore.
The scrip jumped 7.27 per cent to Rs 346 on the BSE.
On the NSE, it moved up by 7.52 per cent to Rs 346.50.
In May, the company’s board had approved buyback of up to 22.75 lakh shares for about Rs 75 crore.
“The company has bought back 17,59,192 equity shares of the company for an aggregate amount not exceeding Rs 58,05,33,360 being 1.79 per cent of the total paid-up equity share capital, at Rs 330 per share,” the Bengaluru-based developer had said in a BSE filing.
Post buyback of shares, promoters stake has come down to 60.24 per cent from 60.58 per cent.
The tendering period for the buyback offer opened on June 29 and closed on July 13
ACC, Ambuja Cements
Shares of ACC and Ambuja Cements rose ahead of June quarter earnings.
Shares of cement companies ACC Ltd and Ambuja Cements rose as much as 2.04 per cent and 1.86 per cent, respectively.
Both companies are scheduled to report June quarter results on Tuesday.
Ambuja Cements is expected to report a net profit of Rs 332 crore, according to Thomson Reuters Starmine data, compared with Rs 226 crore last year.
ACC is also expected to beat last year's profit of Rs 133 crore, with net profit estimated at Rs 256 crore, according to Thomson Reuters Starmine.
ACC has a PE ratio of 54.42 and Ambuja Cement has a ratio of 29.05 compared to Nifty 50 index's PE of 47.62.
Canara Bank slumps
Shares of Canara Bank fell on weak June quarter results.
The stock fell as much as 2.8 per cent to Rs 247.55, trimming Monday's gains after two consecutive loss-making sessions.
The company reported a 52 per cent drop in net profit at Rs 229 crore ($33.99 mln) in June quarter, while net NPA increased to 6.69 per cent from 6.42 per cent in the previous quarter.
The stock has a PE ratio of 7.66, below the Nifty Bank Index's ratio of 41.42.
Up to Monday's close, the stock had risen 9.35 per cent this year compared with a 12.2 per cent increase in the NSE bank index ($1 = 67.3800 Indian rupees).
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.