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Indiabulls Ventures jumps after board approves buyback

Capital Market 

Indiabulls Ventures surged 6.43% to Rs 106 after the company said its board approved buyback of equity shares.

The board of directors of Indiabulls Ventures approved a proposal to buyback upto 6.66 crore fully paid-up equity shares, or 12.61% equity, at Rs 150 each. The total buyback size is Rs 1,000 crore.

The stock is currently trading 29.33% discount to the buyback price.

The announcement was made during market hours today, 11 October 2019.

Meanwhile, the S&P BSE Sensex was up 73 points or 0.19% to 37953.88.

On the BSE, 2.47 lakh shares were traded in the counter so far compared with average daily volumes of 3.28 lakh shares in the past two weeks. The stock hit a high of Rs 108.5 and a low of Rs 99.1 so far during the day.

The stock hit a 52-week high of Rs 473.85 on 17 Oct 2018. The stock hit a 52-week low of Rs 98.2 on 10 Oct 2019.

On a consolidated basis, Indiabulls Ventures' net profit rose 100.2% to Rs 109.82 crore on a 55.6% rise in the total income to Rs 600.16 crore in Q4 March 2019 over Q4 March 2018.

Indiabulls Ventures is one of India's leading capital market companies providing securities and derivative broking services.

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

First Published: Fri, October 11 2019. 13:39 IST