Vaibhav Global jumps on buyback plan

Vaibhav Global rose 3.23% to Rs 665.60 at 9:24 IST on BSE after the company said its board will consider buyback on 30 May 2019.

The announcement was made after market hours yesterday, 22 May 2019.

Meanwhile, the S&P BSE Sensex was up 681.33 points, or 1.74% to 39,791.54.

On the BSE, 604 shares were traded in the counter so far compared with average daily volumes of 4632 shares in the past two weeks. The stock had hit a high of Rs 697 and a low of Rs 661 so far during the day. The stock hit a 52-week high of Rs 770 on 21 September 2018. The stock hit a 52-week low of Rs 573.30 on 1 October 2018.

Vaibhav Global said that its board is scheduled to meet on 30 May 2019, to consider proposal for buyback of fully paid-up equity shares of the company.

On a consolidated basis, net profit of Vaibhav Global rose 1.72% to Rs 32.46 crore on 8.86% rise in net sales to Rs 461.53 crore in Q4 March 2019 over Q4 March 2018.

Vaibhav Global is a vertically-integrated electronic retailer of fashion jewellery and lifestyle products in the USA and United Kingdom on its TV Shopping channels - ShopLC, USA and The Jewellery Channel (TJC), UK. The firm is also engaged in traditional B2B wholesale distribution through STS Jewels that serves various retail chains in USA and UK.

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