Sugar stocks in focus; Balrampur Chini gains 3% as share buyback commences

The board of directors of Balrampur Chini on November 9 had approved Rs 145.44 crore share buyback at Rs 360 per share through the open market route.

Shares of Balrampur Chini Mills traded 2 per cent higher at Rs 355 on the BSE in Wednesday’s intra-day trade on commencement of share buyback today. The stock of sweetener quoted higher for the third straight day, and has surged 8 per cent during the period.

The board of directors of Balrampur Chini at their meeting held on November 9 had approved Rs 145.44 crore share buyback at Rs 360 per share through the open market route.

The company believes that the buyback will create long term value for shareholders. The buyback is not likely to cause any