FDC hits 52-week high as board approves buyback; strong Q3 results

The stock hit a 52-week high of Rs 280, up 10%, extending its previous days 6% surge, after the board approved buyback proposal at a price of Rs 350 per equity share through tender offer.

FDC hits a 52-week high of Rs 280, up 10% on BSE in early morning trade, extending its previous days 6% surge, after the company said that its board has approved the buyback proposal at a price of Rs 350 per equity share through tender offer.

“The board approved the buyback of 3.43 million equity shares of the Company at a price of Rs 350 per equity share for an aggregate amount not exceeding Rs 1,200 million from the equity shareholders of the Company on a proportionate basis through the "Tender Offer" route,” FDC said in a regulatory filing.

As of December 2017, the promoters held 68.89% stake in FDC. Individual shareholder have 14.16% stake, followed by foreign institutional investors (9.37%) and mutual funds (3.67%).

Meanwhile, the pharmaceuticals company reported a strong 94% jump in net profit at Rs 427 million in December 2017 quarter against Rs 220 million in the corresponding quarter of previous year. Operational revenue grew 13% to Rs 2,488 million from Rs 2,201 million in previous year quarter.

At 09:55 AM; the stock was trading 6% higher at Rs 269 on BSE, as compared to 0.94% rise in the S&P BSE Sensex. A combined 253,257 shares changed hands on the counter on BSE and NSE.