Jagran Prakashan surges 11% on share buyback proposal

Jagran Prakashan hit a multi-year low of Rs 46.30 in the intra-day trade on November 19. In the past six months, it has underperformed the market by falling 48%, as compared to a 3% rise in the Sensex

Shares of Jagran Prakashan rallied 11 per cent to Rs 61 on the BSE on Monday after the company announced buyback plan.

“The board of directors of the publishing company is scheduled to meet on Monday, December 09, 2019,  to consider a proposal for buy-back of the fully paid-up equity shares of the company,” Jagran Prakashan. READ FILING HERE

At 10:26 am, the stock was trading 8 per cent higher at Rs 59.45 on the BSE, as compared to a 0.10 per cent rise in the Sensex. A combined 663,553 shares have changed hands on the counter