New Delhi: Shares of Kaveri Seeds rose as much as 2% intra-day on Tuesday after the company announced buyback plan post market hours on Monday.
However, the stock closed with 0.93% gains at ₹533.45 on BSE while on NSE the scrip rose 1.72% at ₹534.
The company board is expected to meet on 24 September to consider share buyback plan.
"We hereby inform you that a meeting of the Board of Directors of the Company will be held on Tuesday the 24th day of September, 2019, to consider a proposal for Buyback of fully paid-up Equity Shares of the Company, quantum & mode of Buy-back and other matters incidental thereto in accordance with the provisions of Sections 68, 69 and 70 of the Companies Act, 2013 and the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2018," Kaveri Seeds said in a regulatory filing on Monday.
At 11:30 am, the company was trading at ₹539.65 rising 2.10% on BSE, while the stock is up 2.65% on NSE at ₹538.85. The stock had touched its 52-week high of ₹651.25 on 17 September 2018 and 52-week low on 20 February 2019 at ₹376.
Further, the company also informed that as per the "lnsider Trading Code" of the company, the "Trading Window" of the company will remain closed for all designated persons including promoters, directors, key managerial personnel and designated employees of the company from 17 September 2019 to 26 September 2019.
For the quarter ended June 30, 2019, Kaveri Seeds reported a revenue of ₹660 crore as against ₹599 crore in the same period, the last financial year. The profit after tax (PAT) stood at ₹229 crore in the quarter as against ₹210 crore in the comparable quarter last year.