Moneycontrol News
Shares of Vinati Organics rose more than 5 percent intraday Monday as the company has approved the buyback of its shares.
The company at its meeting held on August 11 has approved a buyback proposal for purchase of up to 2,00,000 equity shares of Rs 2 each (0.39 percent), from all the shareholders of the company on a proportionate basis through the tender offer route at a price of Rs 1200 per equity share, aggregating to approximately Rs 24,00,00,000.
The company's Q1 net profit was down 12.8 percent at Rs 31.1 crore versus Rs 35.7 crore, in a year ago period.
Revenue of the company was up 13.6 percent at Rs 196.9 crore versus Rs 173.3 crore.
At 10:45 hrs Vinati Organics was quoting at Rs 1,009.95, up Rs 35.95, or 3.69 percent on the BSE.
Posted by Rakesh Patil
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