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Granules India spurts on buyback plan

Capital Market 

Granules India jumped 4.41% to Rs 143.30 after the company said its board will consider share buyback on 21 January 2020.

The announcement was made during market hours today, 16 January 2020. The stock jumped 9.38% in two consecutive trading sessions from its recent closing low of Rs 131 since Tuesday, 14 January 2020.

In the past one year, shares of Granules India surged 63.11%. On the technical front, the stock's RSI (relative strength index) stood at 70.835. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading above its 50-day moving average (DMA) placed at Rs 126.60 as well as below its 200 DMA placed at Rs 109.14.

Granules India's consolidated net profit soared 59% to Rs 95.79 crore on 20.4% jump in net sales to Rs 699.53 crore in Q2 September 2019 over Q2 September 2018. The firm will release Q3 earnings on 21 January 2020.

Granules India is a pharmaceutical company with presence across the pharmaceutical manufacturing value chain, including active pharmaceutical ingredients (APIs), pharmaceutical formulation intermediaries (PFIs) and finished dosages (FDs).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 16 2020. 15:45 IST