Small- and mid-cap companies eye buybacks to shore up valuations

Small- and mid-cap companies are looking to shore up valuations of their shares and stem the price erosion by launching buybacks as the broader market is yet to show any signs of recovery. According to investment bankers, these companies are looking to buy back shares to shore up the share prices by reducing the outstanding free float available in the market. "At these market prices, the companies can save on their buying cost as several mid- and small-cap shares have been beaten down," the banker said. The media company, Jagran Prakashan, which announced its buyback last week (December 16), has