 "Indian Energy Exchange surges over 9% as board mulls share buyback")
Shares of Indian Energy Exchange (IEX) surged 9% to Rs 171 per share on the BSE in early morning trade on Friday after the company said its board will meet on Thursday, December 20, 2018, to consider the proposal for buyback of the equity shares of the company.
“The meeting of the board of directors of the Company will be held on, Thursday, December 20, 2018, at New Delhi, inter alia to consider the proposal for buyback of the fully paid-up equity shares of the Company,” IEX said in a regulatory filing.
The primary objective of share buyback programme is to arrest the fall in the value of a stock by reducing the supply of the stock, which essentially pushes up the share price through a better P/E multiple.
Since its listing on October 30, 2017, IEX had underperformed the market by falling 4% as compared to an 11% rise in the S&P BSE Sensex till Thursday. IEX had raised Rs 10 billion through initial public offer (IPO) at a price of Rs 165 (adjusted to stock split from Rs 10 to Re 1).
At 09:30 am; IEX was trading 5% higher at Rs 164 on the BSE, as compared to 0.20% decline in the benchmark index. A combined 34,151 equity shares changed hands on the counter on the BSE and NSE so far.
“The meeting of the board of directors of the Company will be held on, Thursday, December 20, 2018, at New Delhi, inter alia to consider the proposal for buyback of the fully paid-up equity shares of the Company,” IEX said in a regulatory filing.
The primary objective of share buyback programme is to arrest the fall in the value of a stock by reducing the supply of the stock, which essentially pushes up the share price through a better P/E multiple.
Since its listing on October 30, 2017, IEX had underperformed the market by falling 4% as compared to an 11% rise in the S&P BSE Sensex till Thursday. IEX had raised Rs 10 billion through initial public offer (IPO) at a price of Rs 165 (adjusted to stock split from Rs 10 to Re 1).
At 09:30 am; IEX was trading 5% higher at Rs 164 on the BSE, as compared to 0.20% decline in the benchmark index. A combined 34,151 equity shares changed hands on the counter on the BSE and NSE so far.
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