Dhanuka Agritech rose 2.69% to Rs 734.25 at 9.47 IST on BSE as the buyback committee of board of directors will meet on 3 January 2017, to approve the final terms and conditions of share buyback.
The announcement was made after market hours yesterday, 27 December 2016.Meanwhile, the S&P BSE Sensex was up 28.50 points or 0.11% at 26,241.94.
On the BSE, 2,517 shares were traded on the counter so far as against the average daily volumes of 9,593 shares in the past one quarter. The stock had hit a high of Rs 738.65 and a low of Rs 725 so far during the day.
The stock had hit a record high of Rs 777 on 31 August 2016 and a 52-week low of Rs 473 on 20 January 2016. The stock had outperformed the market over the past one month till 27 December 2016, advancing 0.72% compared with the Sensex's 0.39% fall. The scrip had also outperformed the market over the past one quarter advancing 6.8% as against the Sensex's 7.12% fall.
The mid-cap company has equity capital of Rs 10 crore. Face value per share is Rs 2.
Dhanuka Agritech said that the outcome of the postal ballot being conducted, to seek such shareholders' approval, will also be announced on 2 January 2017.
Dhanuka Agritech's board at a meeting held on 10 November 2016, had approved the proposal of buyback of shares on a proportionate basis through a tender offer route for an amount not exceeding Rs 80 crore, being 16.69% of the total paid-up equity capital and free reserves of the company as on 31 March 2016, at a maximum price not exceeding Rs 850 per share.
The company intends to buyback not more than 10 lakh shares representing 2% of the total paid up equity share capital of the company.
Dhanuka Agritech's consolidated net profit rose 30.5% to Rs 49.21 crore on 14.4% rise in net sales to Rs 308.97 crore in Q2 September 2016 over Q2 September 2015.
Dhanuka Agritech is engaged in the manufacture of agro-chemicals like herbicides, insecticides, fungicides and miticides.
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