Rs 71,40,00,000 Buyback Announced: Stock Hits Fresh 52-Week High with Multi-Year High Breakout, FIIs Increases Stake
The company announced the buyback of share 100 per cent premium.
Symphony Ltd skyrockets 10 per cent to close at Rs 1,658. The stock reached at 52-week high of Rs 1,742 on Thursday. The reason for such a massive jump is the announcement of the share buyback at the price of Rs 2,500 for each share on Tuesday, Symphony approved up to 0.41 per cent of its paid-up capital which will be Rs 71.40 crore. This buyback price is nearly giving Rs 1,000 as a premium over its current share price.
In the Quarterly Results for June 2024, the consolidated revenue was Rs 531 crore, marking a 75.83 per cent increase compared to June 2023. Net profit on a consolidated basis reached Rs 88 crore, up 266.67 per cent year-over-year. For standalone results, revenue was Rs 172 crore, showing a decline of 53.89 per cent from the same quarter last year. However, net profit increased to Rs 69 crore, reflecting a growth of 392.86 per cent compared to June 2023.
The company's market capitalisation is Rs 10,090 crore, with a current price of Rs 1,462. The stock's 52-week high and low are Rs 1,476 and Rs 820, respectively. Over the past month, the stock has increased by 47.18 per cent, by 74.89 per cent over the past three months, and by 89.29 per cent over the past year.
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Symphony was established in 1988, in Ahmedabad, India. The company is engaged in the manufacturing and trading of residential, commercial, and industrial air coolers in the domestic and international markets. It is the largest air cooler manufacturer in the world.
Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.