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Symphony slips 7% as stock trades ex-date for share buyback

The board, at its meeting held February 08, 2023, had approved and announced share buyback up to Rs 200 crore at a share price of Rs 2,000 per share via tender offer

Symphony

Symphony

SI Reporter Mumbai

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Shares of Symphony slipped 7 per cent to Rs 1,009 on the BSE in Wednesday's intra-day trade as the stock turned ex-date for share buyback.

The company has fixed Wednesday, March 29, 2023 as the record date for the purpose of determining the entitlement and the names of equity shareholders who shall be eligible to participate in the buyback, and the shareholders to whom the letter of offer and tender form shall be dispatched in relation to the buyback.

The board of directors of consumer electronics company at their meeting held February 08, 2023 has approved and announced share buyback up to Rs 200 crore at a share price of Rs 2,000 per share via tender offer.

Meanwhile, in the December quarter conference call, the management said the company is seeing strong demand in India from channel partners and expects it to sustain itself in the near term. Various new products have been launched, including a high-tech BLDC air cooler. Standalone GM and Ebitda margin will improve; the historical Ebitda margin of 30 per cent is also achievable in the medium-term.

Despite current weak consumer sentiment, air cooler demand can be robust in the upcoming summer (less sensitive to economic factors than seasonal ones). Weakness in Climate Technologies (CT), Australia is expected to continue in the near term. Dividend payout policy has changed to at least 60 per cent vs. the earlier policy of 50 per cent, analysts at HDFC Securities said in a result update.

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First Published: Mar 29 2023 | 11:21 AM IST

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