Aster DM Healthcare touches 52-week high after buyback announcement

Aster DM Healthcare announced a share buyback plan, post which, the stock of the company witnessed a rise as soon as the market opened on January 7, 2020 (Tuesday).

In a regulatory filing, the company on Monday said that they might consider a proposal on the buyback of its equity shares at a board meeting scheduled on January 9, 2020.

The company entered the stock market on February 26, 2018 and since then, had raised Rs 980 crore through initial public offer at an issue price of Rs 190 per share. Founded in 1987 and headquartered in Dubai (United Arab Emirates), the company deals in hospitals, diagnostic and medical centres in Middle East, India and Philippines. It’s interesting to know that cricketer Sachin Tendulkar is the brand ambassador of Aster Pharmacy and CSR activities.

The market on Tuesday opened at Rs 172.45, which is close to their 52-week high of Rs 173.40. However, at 2.49 pm, the share of Aster DM Healthcare is trading down at Rs 165.20, which is 0.27 per cent lower to its previous close of Rs 165.65. Meanwhile, its 52-week low is Rs 109.70.