Emami surges 8% as board mulls share buyback

The board of directors of the company is scheduled to be held on March 24, 2023 to consider a proposal for buyback of fully paid-up equity shares of the company.

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The Emami share price surged over 8 percent in the afternoon session on March 22 on the news of the company’s board weighing a share buyback.

“We wish to inform you that a meeting of the board of directors of the company is scheduled to be held on March 24 to consider a proposal for buyback of fully paid-up equity shares of the company,” Emami said in a BSE filing.

The primary objective of a share buyback programme is to arrest the fall in the value of a stock by reducing its supply, which essentially pushes up the share price through a better price-to-earnings (P/E) multiple.

Emami reported a 6.13 percent on-year increase in its consolidated net profit to Rs 232.97 crore for the Q3FY23 from Rs 219.52 crore for the corresponding period last fiscal.

Its revenue from operations during the period rose 1.2 percent on-year at Rs 982.72 crore compared to Rs 971.06 crore a year back.

At 1:23pm, Emami was quoting at Rs 374.50, up Rs 28.90, or 8.36 percent, on the BSE. It has touched an intraday high of Rs 376.00 and an intraday low of Rs 353.

The scrip was trading with volumes of 78,311 shares, compared to its five-day average of 14,729 shares, an increase of 431.68 percent.