Vinati Organics gains as board approves buyback

Vinati Organics rose 3.51% to Rs 1,008.15 at 11:35 IST on BSE after the company's board approved buyback of equity shares.

The announcement was made after market hours on Friday, 11 August 2017.

Meanwhile, the S&P BSE Sensex was up 236.05 points, or 0.76%, to 31,449.64. The S&P BSE Mid-Cap index was up 270.03 points, or 1.83%, to 14,996.30.

On BSE, so far 5,922 shares were traded in the counter as against average daily volume of 6,739 shares in the past one quarter. The stock hit a high of Rs 1,024.15 and a low of Rs 944.60 so far during the day. The stock hit a record high of Rs 1,122 on 8 August 2017. The stock hit a 52-week low of Rs 511 on 9 November 2016.

The mid-cap company has equity capital of Rs 10.32 crore. Face value per share is Rs 2.

Vinati Organics' board at its meeting held on 11 August 2017, approved buyback of upto 2 lakh shares or 0.39% equity share capital of the company from all the shareholders on a proportionate basis through the tender offer route using the stock exchange mechanism at Rs 1,200 per share.

Vinati Organics' net profit fell 12.96% to Rs 31.10 crore on 12.98% rise in net sales to Rs 184.42 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours on Friday, 11 August 2017.

Vinati Organics manufactures isobutyl benzene, the prime raw material for the manufacture of ibuprofen, a vital bulk drug.

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