Shares of Aarti Industries extended gains to the 10th consecutive session and rose 2% ahead of its board meeting to consider buyback of fully paid-up equity shares.
On Monday, the company had informed the exchanges about the board meeting and, if approved, it will be the second share buyback from the company in a year. In December 2016, the company had bought back 1.2 mn fully paid-up equity shares of the company at Rs800 per share.
The stock is currently trading at Rs1038.25, up by Rs19.1 or 1.87% from its previous closing of Rs1019.15 on the BSE. The scrip opened at Rs1027.25 and has touched a high and low of Rs1044 and Rs1025.85 respectively.
Aarti Industries derives nearly 50% of total revenues from exports to over 60 countries. While specialty chemicals are exposed to forex risks, the business will reap benefits from improving operating leverage from the newly commissioned facility.
Management has guided for 20% top-line and higher bottom-line growth in Pharmaceuticals on the back of de-bottlenecking and expansion activities.
The company plans to incur capex of Rs9-10bn in FY18&19 that will continue to drive growth.
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