Alembic jumps on buyback plan

Alembic rose 8.22% to Rs 63.85 at 10:48 IST on BSE after the company said that its board will meet on 23 January 2018 to consider buyback of equity shares.

The announcement was made after market hours yesterday, 18 January 2018.

Meanwhile, the S&P BSE Sensex was up 156.43 points, or 0.44% to 35,416.72.

On the BSE, 5.90 lakh shares were traded in the counter so far, compared with average daily volumes of 4.86 lakh shares in the past one quarter. The stock had hit a high of Rs 64.50 and a low of Rs 61.10 so far during the day. The stock hit a 52-week high of Rs 64.55 on 10 January 2018. The stock hit a 52-week low of Rs 33.85 on 11 August 2017.

The stock had outperformed the market over the past 30 days till 18 January 2018, rising 25.53% compared with 4.39% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 50.90% as against Sensex's 8.86% rise. The scrip had also outperformed the market in past one year, rising 56.91% as against Sensex's 29.12% rise.

The small-cap company has equity capital of Rs 53.41 crore. Face value per share is Rs 2.

Net profit of Alembic rose 24.81% to Rs 28.22 crore on 36.96% decline in net sales to Rs 32.54 crore in Q2 September 2017 over Q2 September 2016.

Alembic is engaged in manufacturing and marketing of fermentation and chemistry based active pharmaceuticals ingredients (API). The company is also engaged in construction of residential & commercial real estate projects and project management and marketing consultancy. It is also engaged in power generation through co-generation plants of total 11 megawatts and 4 windmills of total 5 megawatts.

Powered by Capital Market - Live News