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    Balrampur Chini rises over 4% as share buyback commences

    Synopsis

    The company for the September quarter posted a net loss of Rs 29 crore versus profit-after-tax of Rs 83 crore on a year-on-year (YoY) basis. Revenue of the sugar company during the review period under review came in at Rs 1,113 crore versus Rs 1,214 crore YoY.

    Balrampur Chini rises over 4% as share buyback commencesAgencies
    Shares of Balrampur Chini Mills rose over 4% to Rs 362 in Wednesday’s intraday trade on the commencement of share buyback today.

    Earlier the board of directors of Balrampur Chini at their meeting held on November 9 had approved Rs 145.44 crore share buyback at Rs 360 per share through the open market route.

    The company believes that the buyback will create long-term value for shareholders. The buyback is not likely to cause any material impact on the profitability/ earnings of the company except a reduction in the investment income, which the company could have otherwise earned on the amount distributed towards the buyback, Balrampur Chini Mills said.

    The company for the September quarter posted a net loss of Rs 29 crore versus profit-after-tax of Rs 83 crore on a year-on-year (YoY) basis. Revenue of the sugar company during the review period under review came in at Rs 1,113 crore versus Rs 1,214 crore YoY.

    As per Trendlyne data, out of seven analysts covering the stock, six have a strong buy rating and one has a buy call on the counter.

    At 11.49 am, the scrip was trading 3.6% higher at Rs 359.7 over its previous day’s closing price of Rs 347.20 apiece. However, the stock has fallen nearly 13% in the last six months, while it has surged 9% in the last one year.



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