Shares of Jagran Prakashan surged 18 per cent to Rs 57.65 in intra-day trade on Monday after the company on Saturday informed exchanges that its board would mull buyback plan during its next Board meeting.
"The meeting of Board of Directors of Jagran Prakashan Limited is scheduled to be held on Tuesday, March 02, 2021, inter-alia, to consider the proposal for buyback of the fully paid-up equity shares of the Company, as well as matters related/ incidental thereto," the company said in an exchange filing. READ HERE
The company also announced the closure of trading window from Saturday, February 20, 2021, till the conclusion of 48 hours from the conclusion of the Board meeting to be held on Tuesday, March 02, 2021.
At 11.10 am, the shares of the firm witnessed some profit booking but were still trading 11.67 per cent higher at Rs 54.65 as against a 0.93 per cent decline in the BSE barometer Sensex. This is the second consecutive day of rise for the stock of Jagran Prakashan. In the two days, the stock has added nearly 24 per cent.
The company is a media and communications company with interests in print, digital, radio, out-of-home (OOH) and activation.
The firm, earlier this month, reported a net profit of Rs 82.64 crore in Q3FY21, up by 6.9 per cent from Rs 77.30 crore posted in the same period last year.