Jagran Prakashan rebounds from 52-week low on share buyback plan

The stock opened 5% higher at Rs 164 on the BSE after the company said its board scheduled to meet on Friday, 27th April, 2018 to consider the proposal for buy-back of shares.

Shares of Jagran Prakashan, publishers of ‘Dainik Jagran’ newspaper, have opened 5% higher at Rs 164 per share on the BSE on Wednesday after the company announced a share buyback plan. The stock closed at a 52-week low of Rs 156 on Tuesday.

“The board of directors of Jagran Prakashan is scheduled to be held on Friday, 27th April, 2018 inter-alia to consider the proposal for buy-back of shares,” the company said in a regulatory filing on Tuesday, after market hours.

The primary objective of a share buyback programme is to arrest the fall in the value of