Ajanta Pharma’s buyback price is fixed at Rs 2,770, offering a 24.5-percent premium to the stock’s previous close. The company will spend Rs 285 crore to carry out the share buyback.
Ajanta Pharma shares traded on a fresh 52-week high on 3rd May 2024. Sensex surged 470.92 points to 75,082.03 in early trade, Nifty rose by 139.5 points to hit a record peak of 22,787.70.
The pharma stock opened at Rs 2488.85 and touched the day’s high of Rs 2531.19 – a new 52-week high. This is a 13.3 percent gain from the last trading price of Rs 2233.10 on the BSE. Last seen, the scrip was trading at Rs 2,470.20.
Ajanta Pharma also announced its Q4 results and consolidated net profit increased 66 per cent to Rs 203 crore in the March quarter, aided by robust sales across domestic and international markets.
The drugmaker had reported a net profit of Rs 122 crore in the January-March quarter of the previous fiscal.
Ajanta Pharma Buyback Plan
The board has fixed May 30 as the record date to determine the entitlement and names of shareholders, who will be entitled to participate in the proposed offer for buyback.
The company’s board approved its fourth buyback plans, underwhich the drugmaker will repurchase up to 10.28 lakh equity shares or 0.82 percent of the total outstanding shares of the company.
The buyback price is fixed at Rs 2,770, offering a 24.5-percent premium to the stock’s previous close. The company will spend Rs 285 crore to carry out the share buyback.
Ajanta Pharma Share Price History
The shares of Ajanta Pharma, which has a market cap of Rs 31,087 crore, have given a highest return of around 92 per cent in one year. The counter has given a return of 105.75 per cent in the last two years.
Ajanta Pharma Share Price Target:
Zee Business Managing Editor, said “I won’t be surprised if this share jumps around
Ajanta Pharma Share Price Target and Stop Loss, according to Zee Business
Buy Ajanta Pharma:
Stop Loss – Rs 2,200
Targets – Rs 2,325, 2,385 and 2,450