Cosmo Films rose 1.11% to Rs 472.45 after the company said its board approved a proposal to buyback shares worth up to Rs 73 crore at a price not exceeding Rs 576 per share.
The buy-back price is 23.27% premium to the Friday's close of Rs 467.25 on BSE.
At the maximum buyback price and the maximum buyback size, the indicative maximum number of equity shares bought back would be 12.67 lakh equity shares, representing 6.52% of the total paid up equity capital of the company.
As of 30 September 2020, the promoters held 44.15% in the company.
The company's consolidated net profit rose 69.2% to Rs 46.99 crore on a 11% decline in net sales to Rs 481.29 crore in Q1 June 2020 over Q1 June 2019.
Cosmo Films makes speciality films for packaging, lamination, labeling and synthetic paper. The company's film offerings include BOPP (Biaxially Oriented PolyPropylene Films) and CPP (Cast Polypropylene) films.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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.