Star Cement falls 6% as stock trades ex-share buyback

The Buyback would help in improving return on equity by reducing the equity base, and will lead to long term increase in shareholders' value

Shares of Star Cement dipped 6 per cent to Rs 109.40 on the BSE in the intra-day trade on Wednesday after the stock of cement manufacture turned ex-share buyback today. The company has fixed Thursday, August 26, 2021 as the record date for the purpose of buyback of equity shares. The stock had hit a 52-week high of Rs 120 on August 16, 2021.

"The board of directors of Star Cement, at its meeting held on August 13, 2021, approved the buyback of not exceeding 8.25 million equity shares, representing up to 2 per cent of total equity capital