Navneet Education gains 8% as board mulls share buyback proposal

Thus far in the calendar year 2018, the market price of Navneet Education had underperformed the market by falling 28% as compared to 11% rise in the S&P BSE Sensex till Monday.

Shares of Navneet Education have rallied 8% to Rs 127 per share on the BSE in intra-day trade on Tuesday after the company announced that its board will consider share buyback proposal on Monday, August 20, 2018.

“The meeting of the board of directors of the Company is scheduled on 20/08/2018, to consider and approve a proposal of buy back of the fully paid up equity shares of the Company including matters related/incidental thereto,” Navneet Education said in a regulatory filing.

The primary objective of a share buyback programme is to arrest the fall in the value of