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Navneet Education gains 8% as board mulls share buyback proposal

Thus far in the calendar year 2018, the market price of Navneet Education had underperformed the market by falling 28% as compared to 11% rise in the S&P BSE Sensex till Monday.

SI Reporter  |  Mumbai 

28 companies announce buyback plans aggregating Rs 213 billion

Shares of have rallied 8% to Rs 127 per share on the in intra-day trade on Tuesday after the company announced that its board will consider proposal on Monday, August 20, 2018.

“The meeting of the board of directors of the Company is scheduled on 20/08/2018, to consider and approve a proposal of buy back of the fully paid up equity shares of the Company including matters related/incidental thereto,” said in a regulatory filing.

The primary objective of a programme is to arrest the fall in the value of a stock by reducing the supply of the stock, which essentially pushes up the share price through a better P/E multiple. The other objective is to improve earnings per share (since the same dividend amount is now distributed among fewer shares).

As of June 2018, the promoters held 61.78% stake in The domestic mutual funds held 16.13% holding, followed by individual shareholders (12.26%) and foreign portfolio investors (6.32%), shareholding pattern data shows.

Thus far in the calendar year 2018, the market price of Navneet Education had underperformed the market by falling 28% as compared to 11% rise in the S&P Sensex till Monday.


At 10:58 am; the stock was trading 5.4% higher at Rs 125 against 0.41% rise in the benchmark index. The trading volumes on the counter more than doubled with a combined 490,000 equity shares changed hands on the and so far.

First Published: Tue, August 14 2018. 11:01 IST
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