Shares of this listed stock exchange have given shocking returns of 160 percent in the last 3 months after the company announced buyback.
On wednesday, 18th october shares of Bombay stock exchange (BSE) closed at Rs. 1485 per share and it is creating new highs from last 3 months after company announced stock buyback at Rs. 816 per share.
On 6th july 2023, BSE Ltd informed the exchange that the company is considering share buy back at Rs. 816 per share. On 6th July shares of BSE Ltd closed at Rs. 705, 3.7 percent up from previous close price and in less than a month stock touched a high of Rs. 846 per share.
On 1st September, BSE Ltd announced that they are increasing buyback price to Rs. 1,080 per share and stock closed at Rs. 1,126 per share, 6 percent up from previous closing price.
Moreover, the company’s volumes were also witnessing rapid increase month on month. In July turnover on derivatives contract were 91,51,124.81, in august it increased by 150 percent to 2,32,24,364.42 and in the month of September volumes touched the peak of 5,28,49,982.26.
These 2 are the primary reason for such bullish stock price movements from the last 2-3 months. Looking at the financial statements, the company’s revenue has increased by 15.4 percent to Rs. 215.62 crores in Q1FY24 from Rs. 186.84 crores in Q1FY23, in the same time period net profit went to Rs. 442.66 crores from 44.04 crores.
Talking about the profitability ratios, the company reported return on equity (ROE) of 6.09 percent and return on capital employed (ROCE) of 9.89 percent in the last financial year.
Bombay stock exchange (BSE) is a platform for buying and selling securities such as stocks and bonds. Trading takes place through brokers who can access the BSE through their own trading terminals, which are linked to BSE’s trading system.
Written by: Vinit Israni
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