The shares of India’s largest manufacturer of cookware, kitchen, and home appliances rose nearly 5% after the company announced that its board will consider a proposal for a share buyback at the upcoming board meeting.
At 12:40 p.m., TTK Prestige Ltd shares were trading at ₹940.55 per share, up 3.94% on the Bombay Stock Exchange from the previous close price. The company has a market capitalization of ₹13,045 crore.
What Happened: According to an exchange filing by TTK Prestige, the company’s Board of Directors is scheduled to meet on August 2, 2024, to consider and approve a proposal for the buyback of fully paid-up equity shares valued at Rs.1 each.
About the company: TTK Prestige Ltd is India’s leading kitchen appliances company, serving homemakers across the country. It markets and sells its products under the brand names “Prestige” and “Judge.”
TTK Prestige has a varied product portfolio ranging from Pressure cookers and pressure, pans, Non-stick cookware, Gas stoves, Induction cooktops, Mixer grinders, and Other electrical appliances and kitchen tools.
Financials: The Automotive Stampings & Assemblies revenue has decreased by 3.5 percent year on year, from Rs 2,777 crore in FY22-23 to Rs 2,678 crore in FY23-24. During the same timeframe, Net profit has significantly declined by 11 percent from Rs 253 crore to Rs 225 crore.
TTK Prestige Ltd shares have increased by 20% in the last six months and have risen by 18% over the past 12 months.
According to the recent shareholding pattern, the company’s promoter holds a 70.41% stake, while retail investors hold an 8.09% stake and Foreign Institutional Investors hold a 7.40% stake in the company.
Written by Omkar Chitnis
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