Granules India jumped 4.36% to Rs 168.75 after the company said its board set 20 March 2020 as the record date for the proposed buyback of shares.
The company's board had earlier approved the proposal to buyback up to 1.25 crore equity shares of a face value of Re 1 each at Rs 200 per share aggregating up to Rs 250 crore.
Shares of Granules India declined 9.33% in the past two trading sessions to settle at Rs 161.70 on Monday, 9 March 2020, from its close of Rs 178.35 on 5 March 2020.
On a consolidated basis, Granules India's net profit rose 6.2% to Rs 64.03 crore on 11.4% rise in net sales to Rs 703.96 crore in Q3 December 2019 over Q3 December 2018.
Granules India is a growing pharmaceutical manufacturing company. The company produces finished dosages (FDs), pharmaceutical formulation intermediates (PFIs) and active pharmaceutical ingredients (APIs).
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