homemarket Newsstocks NewsEmami shares recover from 52 week low ahead of board meeting for share buyback
Emami shares recover from 52-week low ahead of board meeting for share buyback
Emami’s net sales rose by 2 percent to Rs 975 crore in the December quarter over a year ago
Shares of leading personal care and healthcare products manufacturer Emami Ltd gained as much as 6 percent on Wednesday ahead of the company’s board meeting on March 24 to consider a share buyback proposal.
Emami on Tuesday informed bourses that its board of directors is scheduled to meet on Friday, March 24, to consider a proposal for buyback of fully paid-up equity shares of the company.
Companies usually go for the share buyback either to improve their valuations and earning per share (EPS) or reward shareholders. The company in February had paid a second interim dividend of Rs 4 per share to shareholders following a similar interim dividend of Rs 4 in November last year.
Emami’s net sales rose by 2 percent to Rs 975 crore in the December quarter over a year ago as demand patterns for the FMCG sector remained sluggish, with rural markets experiencing continued demand pressure.
Its EBITDA at Rs 294 crore declined by 14 percent in the December quarter over the previous year. Profit after tax at Rs 237 crore grew by 8 percent over previous year.
Shares of Emami are trading 6 percent higher at Rs 365.85. The stock has declined 15 percent so far this year and 22 percent over the last 12 months. The stock had closed at its 52-week low on Tuesday.
(Edited by : Rukmani Krishna)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Supreme Court says it may consider interim bail for Arvind Kejriwal due to ongoing Lok Sabha polls
May 3, 2024 4:57 PM
10% discount on fare on Mumbai Metro lines 2 and 7A on May 20
May 3, 2024 2:40 PM