Aarti Industries spurts after board OKs buyback

Aarti Industries rose 4.64% to Rs 1,095 at 11:25 IST on BSE after the company said its board approved buyback of 8.20 lakh shares at Rs 1,200 per share.

The announcement was made after market hours yesterday, 21 December 2017.

Meanwhile, the S&P BSE Sensex was up 160.94 points, or 0.48% to 33,917.22.

On the BSE, 13,000 shares were traded in the counter so far, compared with average daily volumes of 11,000 shares in the past two weeks. The stock had hit a high of Rs 1,129.55 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 1,065 so far during the day. The stock hit a 52-week low of Rs 672 on 28 December 2016.

The shares buyback announced by the company is worth Rs 98.44 crore and 5 January 2018 is the record date for the proposed buyback, Aarti Industries said in a stock exchange filing.

Net profit of Aarti Industries rose 3.30% to Rs 78.51 crore on 25% rise in net sales to Rs 887.89 crore in Q2 September 2017 over Q2 September 2016.

Aarti Industries is a leading Indian manufacturer of speciality chemicals and pharmaceuticals with a global footprint.

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