Alembic rises after setting record date for buyback

Alembic rose 3.54% to Rs 62.80 at 14:44 IST on BSE after the company said it fixed 23 March 2018 as the record date for the proposed buyback offer.

The announcement was made after trading hours yesterday, 12 March 2018.

Meanwhile, the S&P BSE Sensex was up 179.52 points, or 0.53% to 33,738.42.

On the BSE, 1.56 lakh shares were traded in the counter so far compared with average daily volumes of 78,000 shares in the past two weeks. The stock had hit a high of Rs 63.40 and a low of Rs 61.50 so far during the day. The stock hit a 52-week high of Rs 72 on 24 January 2018. The stock hit a 52-week low of Rs 33.85 on 11 August 2017.

Alembic announced that the buyback committee of Alembic in its meeting held on Monday, 12 March 2018, approved and finalised buyback of up to 1.02 crore fully paid-up equity shares of the company having face value of Rs 2 each at Rs 80 per equity share payable in cash for a total consideration not exceeding Rs 82 crore.

The committee fixed Friday, 23 March 2018 as the record date for determining the equity shareholders of the company eligible to tender equity shares under the buyback offer.

Alembic's net profit jumped 717.6% to Rs 5.56 crore on 11% rise in net sales to Rs 29.93 crore in Q3 December 2017 over Q3 December 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.

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