Aurobindo Pharma Shares Hit Record Ahead Of Buyback Decision
This will be the first time the company will be conducting a buyback of its equity shares, according to data on exchanges.
![<div class="paragraphs"><p>Aurobindo Pharma's manufacturing facility. (Source: Company website)</p></div>](https://media.assettype.com/bloombergquint%2F2021-02%2F9d6d2f56-1411-4cb1-82e7-cc3d3933509e%2FAurobindo_Pharma.png?rect=234%2C0%2C930%2C523&auto=format%2Ccompress&w=200)
Shares of Aurobindo Pharma Ltd. gained 5% to hit a record high on Monday after it announced that its board would meet on July 18 to consider share buybacks.
"This is to inform you that a meeting of the Board of Aurobindo Pharma Limited will be held on Thursday, July 18, 2024, to consider, inter alia, a proposal for buyback of the fully paid-up equity shares of the company and the matters necessary and incidental thereto," an exchange filing by the company said.
This will be the first time the company will be conducting a buyback of its equity shares, according to data on exchanges.
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![Aurobindo Pharma Shares Hit Record Ahead Of Buyback Decision](https://media.assettype.com/bloombergquint%2F2024-07%2Fa05d8d56-6605-4882-bff8-10a87544740b%2FAUROPHARMA.png?auto=format%2Ccompress)
Shares of the company rose as much as 5.09% to a record high of Rs 1,394.35 apiece. It pared gains to trade 3.7% higher at Rs 1,376 apiece as of 10:59 a.m. This compares to a 0.3% advance in the NSE Nifty 50.
The stock has risen 27% on a year-to-date basis and 67.55% in the last 12 months. Total traded volume so far in the day stood at two times its 30-day average. The relative strength index was at 73.85, indicating that the stock may be overbought.
Out of the 28 analysts tracking the company, 21 maintain a 'buy' rating, four recommend a 'hold,' and three suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 3.3%.