SJVN, Unichem Lab surge up to 15% on share buyback plan

SJVN and Unichem Laboratories hit their respective 52-week highs of Rs 39.65 and Rs 355, respectively, on BSE in intra-day trade.

Shares of SJVN and Unichem Laboratories have surged up to 15% on the BSE in early morning trade after these companies announced that their respective boards will meet on Monday, January 8, 2017 to consider a share buyback proposal.

SJVN hit a 52-week high of Rs 39.65, up 15% after the state-owned electric utilities company said that its board will meet on January 08, 2018, to consider the proposal for buyback of the equity shares of the Company.

As of September 2017, the promoters held 89.97% stake in SJVN. Foreign portfolio investors hold 3.47% stake, followed by individual shareholders (2.1%) and bodies corporate (1.75%), the shareholding pattern data shows.

Unichem Laboratories too hit 52-week high of Rs 355, up 7% on the BSE in intra-day trade, extending its Wednesday’s 3% gain.

“The board of directors of the Company at their meeting scheduled on January 8, 2018 shall inter-alia consider a proposal to buy-back the fully paid-up equity shares of the Company,” Unichem Lab said in a regulatory filing.

The promoters held 50.06% stake in pharmaceutical company. Individual shareholders hold 22.76% stake, while mutual funds and foreign portfolio investors holding 9.97% and 4.39% stake, respectively, as of September 2017. Bodies corporate have 7.2% stake and insurance companies and alternate investment funds held holding in the range of 1% to 2%, data shows.