Thyrocare Technologies up 7% as board mulls share buyback proposal

Thus far in the calendar year 2018, Thyrocare had underperformed the market by falling 14% as compared to 8.6% rise in the S&P BSE Sensex till Friday.

Thyrocare Technologies was trading 7% higher at Rs 633 on the BSE, after the company that its board will meet on August 04, 2018, to consider a proposal to buy back equity shares.

“The meeting will also discuss about postponing the 18th Annual General Meeting convened to be held on August 11, 2018 to a later date, to enable the shareholders to consider the aforesaid proposal, too,” Thyrocare Technologies said in a BSE filing.

The primary objective of a share buyback programme is to arrest the fall in the value of a stock by reducing the supply of