TTK Prestige Shares Near Two-Year High After Board Approves Buyback Plan
The board has set Aug. 14 as the record date for the proposed buyback of shares.
Shares of TTK Prestige Ltd. hit their highest level since Sept. 23, 2022, on Friday after the board approved plans to buyback shares worth up to Rs 200 crore.
"The board of directors has determined the record date for the proposed buyback as Aug, 14, 2024," the company said in an exchange filing.
The board has approved the buyback of 16.7 lakh fully paid-up equity shares of face value Re 1 each, representing up to 1.20% of the company at a price of Rs 1,200 per equity share payable in cash for an aggregate amount of up to Rs 200 crore, the company said.
As of March 31, the Rs 200 crore buyback amount is 9.88% of the fully paid-up equity share capital and 9.88% of free reserves, according to the filing.
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Shares of the company rose as much as 6.06% to Rs 1,013.5 apiece, the highest level Sept. 23, 2022. It pared gains to trade 4.4% higher at Rs 997.3 apiece as of 11:46 a.m. This compares to a 0.7% decline in the NSE Nifty 50 Index.
The stock has risen 34.52% on a year-to-date basis and 27.32% in the last 12 months. Total traded volume on the NSE so far in the day stood at 3.16 times its 30-day average. The relative strength index was at 78.59, indicating that the stock may be overbought.
Out of the eight analysts tracking the company, two maintain a 'buy' rating, five recommend a 'hold,' and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 6.7%.
