Aurobindo Pharma’s share price saw a significant increase of more than 5% during morning trades on Monday, reaching a new 52-week high.
The stock opened at ₹1,360.00, which was slightly higher than the previous close of ₹1,326.85. Shortly after, the share price rose to a 52-week high of ₹1,394.35 on the NSE.
Share Buyback Drives Gains
The gains in Aurobindo Pharma’s share price are attributed to the company’s announcement regarding its upcoming Board meeting. Scheduled for Thursday, July 18, 2024, the Board will consider a proposal for the buyback of fully paid-up equity shares.
In an official release to the exchanges, Aurobindo Pharma stated, “A meeting of the Board of Aurobindo Pharma Limited will be held on Thursday, July 18, 2024, to consider, inter alia, a proposal for the buyback of the fully paid-up equity shares of the Company and the matters necessary and incidental thereto, in accordance with the applicable provisions under the Companies Act, 2013.”
This announcement has driven strong buying activity, resulting in the stock’s significant rise. The market is responding positively to the news, anticipating that the buyback will be beneficial for shareholders by potentially improving earnings per share and providing a positive signal about the company’s confidence in its future prospects.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
