Ajanta Pharma shares gain 4% on share buyback plans

Ajanta Pharma share price gained 4 percent at open on October 29 after the company mulls buyback of equity shares.

At the Board meeting, the Board of Directors will consider a proposal for buyback of the equity shares of the company including matters related /incidental thereto and any other matter as the Board of Directors of the Company may decide during the course of the meeting, the company said in an exchange filing.

The stock was trading at Rs 1,650.95, up Rs 61.40, or 3.86 percent at 09:23 hours. It has touched an intraday high of Rs 1,683.05 and an intraday low of Rs 1,604.

The scrip also witnessed spurt in volume by more than 1.05 times and was trading with volumes of 5,665 shares, compared to its five day average of 5,171 shares, an increase of 9.54 percent.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: Price above short, medium and long term moving averages. It has strong cash generating ability from core business - Improving Cash Flow from operation for last 2 years.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.