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Aarti Inds scales record high after setting record date for share buyback

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Aarti Industries rose 4.31% to Rs 735 at 11:45 on after the company fixed 2 November 2016 as the record date for the purpose of buyback of equity shares.

The announcement was made after market hours yesterday, 17 October 2016.

Meanwhile, the S&P Sensex was up 212.63 points or 0.77% at 27,742.60

On BSE, so far 13,000 shares were traded in the counter as against average daily volume of 10,758 shares in the past one quarter. The stock hit a high of Rs 740 so far during the day, which is a record high for the counter. The stock hit a low of Rs 720 so far during the day. The stock had hit a 52-week low of Rs 417 on 26 February 2016. The stock had outperformed the market over the past 30 days till 17 October 2016, rising 18.04% compared with 3.74% decline in the Sensex. The scrip aso outperformed the market in past one quarter, surging 34.45% as against Sensex's 0.93% decline.

The mid-cap company has equity capital of Rs 41.66 crore. Face value per share is Rs 5.

Aarti Industries said that the board of directors of the company at its meeting held yesterday, 17 October 2016 has approved the buyback up to 12 lakh equity shares of the company representing up to 1.44% of the total equity capital at Rs 800 per share for an aggregate amount of up to Rs 96 crore. The buyback will be on a proportionate basis through the tender offer to all of the equity shareholders/ beneficial owners who hold shares on the record date. Members of the promoter and promoter group of the company have indicated their intention to participate in the proposed buyback, Aarti Industries said. The announcement was made after market hours yesterday, 17 October 2016.

Aarti Industries' net profit rose 35.5% to Rs 82.51 crore on 2.2% growth in net sales to Rs 673.24 crore in Q1 June 2016 over Q1 June 2015.

Aarti Industries is one of the leading suppliers to global manufacturers of dyes, pigments, agrochemicals, pharmaceuticals & rubber chemicals

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 18 2016. 12:10 IST