Tanla Platforms rises 5% as board to consider share buyback

Tanla Platforms shares climbed over 4.5 per cent in Friday’s trade after the company announced that its board will consider share buyback proposal.

“The Board of Directors of the company will consider a proposal for buyback of equity shares of the company including matters related/incidental thereto, at its meeting which is scheduled to be held on Thursday, September 8, 2022,” Tanla Platforms said in a BSE filing.

At 3:10 p.m., the scrip was trading 2.37 per cent higher at Rs 738.80 over the last day’s closing of Rs 721.70 a piece. The stock has fallen 18.57 per cent in the past one year and is down nearly 60 per cent so far in 2022.

For the quarter ended June 30, 2022, the company reported consolidated sales of Rs 800 crore, up 27.7 per cent from the year-ago quarter's Rs 626.38 crore. The company reported a net profit of Rs 100.4 crore for the latest quarter.