Lovable Lingerie drops after setting share buyback price

Lovable Lingerie lost 4.35% to Rs 239.70 at 9:42 IST on BSE after the company set its buyback price at Rs 250 per share, at a discount of 0.23% to its ruling price of Rs 250.60 on Friday, 6 October 2017.

The announcement was made after market hours on Friday, 6 October 2017.

Meanwhile, the S&P BSE Sensex was up 83.96 points or 0.26% at 31,898.18. The S&P BSE Small-Cap index advanced 94.01 points or 0.57% at 16,723.24.

On the BSE, 7,963 shares were traded on the counter so far as against the average daily volumes of 22,598 shares in the past one quarter. The stock had hit a high of Rs 243 and a low of Rs 237 so far during the day. The stock had hit a 52-week high of Rs 306.65 on 28 October 2016 and a record low of Rs 184.05 on 24 August 2017.

The stock had outperformed the market over the past one month till 6 October 2017, advancing 5.58% compared with the Sensex's 0.48% rise. The stock had, however, underperformed the market over the past one quarter, sliding 2.91% as against the Sensex's 1.42% rise. The scrip had also underperformed the market over the past one year, declining 5.34% as against the Sensex's 13.19% rise.

The small-cap company has equity capital of Rs 16.80 crore. Face value per share is Rs 10.

Lovable Lingerie announced that the board of directors of the company at its meeting held on Friday, 6 October 2017, approved buy-back of up to 20 lakh fully paid up shares, representing up to 11.9% of the total paid-up equity share capital of the company at a price of Rs 250 per share for a total consideration of up to Rs 50 crore. The promoter and members of the promoter group have indicated their intention to participate in the buyback.

Net profit of Lovable Lingerie declined 47.4% to Rs 6.21 crore on 10% decline in net sales to Rs 60.54 crore in Q1 June 2017 over Q1 June 2016.

Lovable Lingerie is one of India's leading women's innerwear manufacturers.

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