Noida-headquartered e-commerce company IndiaMART InterMESH will consider a proposal for buyback of fully paid up equity shares of the company in their meeting scheduled to be held on Thursday, July 20, 2023.
"The board of directors of IndiaMART InterMESH Limited (the ‘company’), will also consider the proposal for buyback of fully paid up equity shares of the company, in accordance with the applicable provisions of the Companies Act, 2013 (including the rules and regulations framed thereunder), the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 as amended, and other applicable laws, in their meeting scheduled to be held on Thursday, July 20, 2023," it said in a BSE filing.
The trading window of the company for trading in its equity shares has been closed from Saturday, July 1, 2023, till the expiry of 48 hours after the announcement/ declaration of the financial results of the firm for the June quarter, the company said.
IndiaMART posted a 2.79 percent decline in net profit at Rs 55.80 crore in the fourth quarter of the last fiscal as against Rs 57.40 crore in the year-ago quarter. The company recorded a 33.47 percent increase in sales to Rs 268.80 crore in the March 2023 quarter, compared to Rs 201.40 crore in the March 2022 quarter.
On an annual basis, the firm's net profit declined 4.64 percent to Rs 283.80 crore for the fiscal ended March 2023. However, sales jumped 31 percent to Rs 985.40 crore in the March 2023 fiscal, compared to Rs 753.50 crore for the fiscal ended March 2022.
Shares of the company gained as much as 5 percent in Monday's trade to hit an intra-day high of Rs 2,998.95 apiece on the NSE. On a year-to-date basis, the stock is up 36 percent, while it rallied 44 percent in the last one year.
IndiaMART InterMESH stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
IndiaMART is an India-based online business to business (B2B) marketplace. The company is an e-marketplace for business needs, which acts as an interactive hub for domestic and international buyers and suppliers. The company provides a platform for businesses to discover products and services of their choice and connect with relevant suppliers of such product and services.
First Published: Jul 17, 2023 11:18 AM IST
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