Aarti Drugs share rose 6% in early trade today after the firm said its board would consider a share buyback on March 19. Share of Aarti Drugs touched an intraday high of Rs 708 climbing 6.05% against previous close of Rs 667.60 on BSE. The mid cap stock opened with a gain of 2.17% at Rs 682.10. The share trades higher than 5 day, 20 day, 50 day and 200 day moving averages but lower than 100 day moving averages.
The pharma stock has risen 432% in one year but lost 2.12% since the beginning of this year. Market cap of the firm rose to Rs 6,432 crore on BSE.
"A meeting of Board of Directors of the Company is scheduled to be held on Friday, March 19, 2021, to consider inter alia, proposal of buyback of the fully paid-up equity shares of the Company including matters related/incidental thereto," the firm said in a communication to bourses.
The firm reported a 144.92% rise in Q3 net profit to Rs 68.04 crore against Rs 27.78 crore profit in corresponding quarter of previous fiscal. Total income climbed 12.35% to Rs 532.26 crore in Q3 against Rs 473.76 crore in Q3 of last fiscal.
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Meanwhile, Sensex was trading higher by 246.95 points at 50,642.03, and Nifty was at 14,964.5, up by 35 points. In line with benchmark indices, the broader markets also opened higher, with MidCap and SmallCap indices gaining 0.56 per cent and 0.36 per cent, respectively.