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Balrampur Chini not simply another commodity play

Why would a company in a cash-hungry sector announce a buy-back?

Mudar Patherya 

Announcement of a share buyback by Balrampur Chini Mills went unnoticed during the past fortnight. The buyback was announced at a 55 per cent premium to the market price (when was the last time any company offered such a premium for its own stock?). The premium, coupled with an interim dividend of Rs 3.5 per share, translates to a nine per cent yield for the small investor in 2016-17. Why would a company in a cash-hungry sector announce a buy-back?  Some probable reasons: One, the company has probably graduated into a sweet spot: What it could require by way of ...

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