Piramal Enterprises plans equity share buyback; shares gain 3%

The company’s proposal to buyback equity shares will be discussed in the Board meeting scheduled for July 28, 2023

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Piramal Enterprise shares gained over 3 percent to Rs 1,039.30 on July 26 at 10:29 pm, after the company announced its proposal to buyback equity shares, which will be discussed in the Board meeting on July 28.

“The Board of Directors of Piramal Enterprises at its meeting scheduled to be held on Friday, July 28, 2023, shall, inter-alia, be considering a proposal to buyback equity shares of the Company,” as per the regulatory filling. Piramal Enterprises shall also be announcing its June quarter results on July 28.

Piramal’s buyback of its equity shares follows the buyback announcements by Wipro and Larsen & Toubro (L&T). Companies usually go for share buyback to generate additional shareholder value, drive up share price and distribute profits.

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It is worth noting that the company has closed its trading window on the share market from July 1, 2023 till Sunday, July 30, 2023.

Earlier, in June 2023, the non-bank financial company (NBFC) had announced a final dividend of Rs 31 per share for financial year 2023. It reported a loss of Rs 196 crore for the March quarter of financial year 2023 against a net profit of Rs 109 crore in the year-ago period.

Shares of Piramal Enterprises are trading 3 percent higher at Rs 1,039.30. The stock has halved from its peak of Rs 2,084.1, but has also recovered over 50 percent from the lows of Rs 630.45. The stock has risen nearly 40 percent over the last three months.

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