SWEET JUMP! Balrampur Chini Mills share price hits fresh life high, as company mulls buyback; stock up 11%
On the share buyback plan, Balrampur Chini Mills share price hit a fresh record high on Thursday, after surging over 11 per cent to Rs 387 on the BSE intraday trade. The counter has breached its earlier high of Rs 370, touched on June 29, 2021.
On the share buyback plan, Balrampur Chini Mills share price hit a fresh record high on Thursday, after surging over 11 per cent to Rs 387 on the BSE intraday trade. The counter has breached its earlier high of Rs 370, touched on June 29, 2021.
In its filing to exchanges, the company said, “The board of directors of Balrampur Chini Mills is scheduled to meet on Monday, August 9, 2021, to consider buyback of equity shares of the Company and matters related/ incidental thereto.”
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Meanwhile, it also said that the board will also consider the financial results of the Company for the quarter ended June 30, 2021 (Q1FY22).
The promoter group held 41.21 per cent shareholding in Balrampur Chini Mills as of June 30, 2021. While the remaining 58.79 per cent holdings are with the foreign portfolio investors (20.79 per cent), individual shareholders (17.07 per cent) and mutual funds (13.87 per cent), the BSE data shows.
For the straight four calendar years in the past, the company has bought back shares from its shareholders.
Buyback is a corporate action in which a company buys its shares back from the existing holders usually at a price higher than market price. The overall number of shares outstanding in the market reduces when any company opens a buyback offer.
The shares of Balrampur Chini Mills, in the last six months, have zoomed nearly 120 per cent on improved outlook, as compared to around 14 per cent rise in the BSE Sensex during the same period.
The sugar sector has seen a turnaround from being cyclical to a structural growth sector backed by the government’s aggressive ethanol blending programme. With the massive increase in distillery capacities by sugar companies, ethanol sales are likely to double for most sugar companies.
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