Balrampur Chini Mills approves Rs 145 crore share buyback

Sugar manufacturer Balrampur Chini Mills announced a Rs 145.44 crore share buyback at Rs 360 per share through the open market route.

The buyback price considering Wednesday’s closing price is at a 9% premium.

Post the announcement, the company’s scrip on Thursday was trading higher by over 3% at Rs 340.4.

Last year, too, the company had announced share buyback worth Rs 225 crore via the open market route at a buyback price of Rs 410 per share.

All seven analysts covering the stock have recommended a strong buy on the counter.

The company for the September quarter posted a net loss of Rs 29 crore versus profit-after-tax of Rs 83 crore year-on-year (YoY).

Revenue of the sugar company during the review period under review came in at Rs 1,113 crore versus Rs 1,214 crore YoY.

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