You are here: Home » Markets » News
Business Standard

Matrimony.com gains 6% as board plans to mull share buyback proposal

The board will meet on May 12, 2022, to consider the proposal for buyback of equity shares of the company, the quantum, and mode of buyback.

Topics
Buzzing stocks | Matrimony.com | Share buybacks

SI Reporter  |  Mumbai 

Matrimony.com
(Photo courtesy: Matrimony.com)

Shares of traded 6 per cent higher at Rs 733 on the BSE at 09:46 AM in Thursday’s trade. The spike comes after the company announced that the board will consider share buyback proposal on May 12, 2022.

The stock of the leading online matrimony company opened 11 per cent higher at Rs 770 on the BSE. In comparison, the S&P BSE Sensex was up 0.87 per cent at 56,152 points. Earlier, the stock had hit a 52-week low of Rs 660.35 on March 28, 2022.

“A meeting of the board of directors of the company will be held on May 12, 2022, to consider the proposal for buyback of equity shares of the company, quantum and mode of buyback, appointment of intermediaries and other matters incidental thereto,” said.

The board will also declare financial results for the quarter and year ended March 31, 2022 and recommend dividend, if any.

The primary objective of the share buyback programme is to arrest the fall in stock's value by reducing the supply, which will eventually push up the share price through a better price to earnings (P/E) multiple.

Despite today’s outperformance, the stock of has underperformed market by falling 26 per cent in the past six months. In comparison, the S&P BSE Sensex was down 6.5 per cent during the same period. Meanwhile, in the past one year, Matrimony.com has dipped 23 per cent as against 15 per cent rally in the benchmark index.

Matrimony.com is a signature consumer internet conglomerate, managing marquee brands such as BharatMatrimony, CommunityMatrimony and EliteMatrimony. The company had made stock market debut on September 21, 2017. It issued shares at Rs 985 per share and the stock had hit a record high of Rs 1,242 on February 25, 2021.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, May 05 2022. 10:11 IST
RECOMMENDED FOR YOU