Suprajit Engineering shares jumped over 18 percent in trade on August 16, after the firm announced a buyback at high premium compared to the previous session's closing price.
The engineering player will conduct a share buyback of shares worth Rs 112.5 crore of 15 lakh fully paid-up shares, with the record date set for August 27. This represents 1.08 percent of the company's total equity. The buyback price has been set at Rs 750 per share, which indicates a premium of 39 percent from the previous session's closing price.
The last buyback conducted by the firm was in 2021, according to Trendlyne.
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The consolidated operating revenue jumped 8.12 percent to Rs 734.9 crore for the quarter ended June, as against Rs 680 crore in the same quarter last year. The profit for the quarter came in at Rs 38.1 crore, rising over 15 percent on-year from Rs 33.1 crore in the first quarter of the previous financial year.
"We maintain buy with a revised price target of Rs 642 on its long-term growth prospects with healthy traction in the automotive business, continued order wins, and expected revival in the non-auto business. Stock trades at P/E multiple of 23.9x and EV/EBITDA multiple of 13.4x its FY26 estimates," said Sharekhan in a report on June 14.
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