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Jagran Prakashan spurts as board to mull buyback

Capital Market 

Jagran Prakashan soared 7.34% to Rs 59.20 after the company said that its board will meet on Monday, 9 December 2019, to consider buyback of shares.

The announcement was made after market hours on Friday, 29 November 2019.

Meanwhile, the S&P BSE Sensex was up 7 points or 0.02% to 40,800.74.

The stock was trading in the range of Rs 58.55 to Rs 61 so far during the day.

On the technical front, the stock's RSI (relative strength index) stood at 58.617. 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 57.94, but below its 200 DMA placed at Rs 88.96.

Jagran Prakashan's consolidated net profit sky-rocketed 189.7% to Rs 121.95 crore on 7% decline in net sales to Rs 514.50 crore in Q2 September 2019 over Q2 September 2018.

Jagran Prakashan is a media and communications company with interests in print, digital, radio, out-of-home (OOH) and activation. The company is engaged in the business of printing and publication of newspapers and periodicals, business of radio broadcast and all other related activities through its radio channels operating under brand name Radio City 91.1 frequency modulation (FM) in India.

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

First Published: Mon, December 02 2019. 15:05 IST
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